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Government placed the 4th Progress Report on the implementation of the recommendations contained in the Report of the Joint Parliamentary Committee on Stock Market Scam and matters relating thereto before the Parliament today. The report was tabled in Lok Sabha by the Finance Minister Shri P. Chidambaram, whereas in Rajya Sabha it was tabled by Minister of State for Finance Shri S.S. Palanimanickam.
The Joint Parliamentary Committee (JPC) on Stock Market Scam and matters relating thereto which had been set up to inquire into the causes of the scam, submitted its report to Parliament on 19.12.2002. The report contained 276 observations/conclusions /recommendations. The Committee recommended that the Government should present its Action Taken Report to the Parliament within six months and thereafter-periodic progress reports every six months till action on all the recommendations has been fully completed to the satisfaction of Parliament. Government had submitted the Action Taken Report to Parliament on 9.5.2003. Thereafter, three Progress Reports have already been placed before the Parliament in December 2003, June 2004 and December 2004.
In the ATR presented to the Parliament during May 2003, action on 111 recommendations was completed. In the Progress Report(s) presented during December 2003, June 2004 and December 2004 action was completed on 39, 36 & 18 recommendations respectively bringing down the number of pending recommendations to 72. In the Fourth Progress Report which has been presented to Parliament now, action on further 23 recommendations has been completed which brings down the number of pending recommendations to 49.
The Government proposes to carry out the necessary legislative changes as recommended by the JPC. The Government has introduced Bills to amend Banking Regulations Act, 1949, the Chartered Accountants Act, 1949, the Cost & Works Accountants Act, 1959 and the Company Secretaries Act, 1980 in the Lok Sabha.
The Government’s endeavor will be to address each of the JPC’s recommendations/suggestions in right earnest. Effective action will be taken against those who are found guilty. Government will ensure that the remaining recommendations of the JPC are most expeditiously acted upon.
BSC/BY/DN-277/05
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