Jaya reiterates her queries about FII regime in India

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Chennai, Jun 21 (UNI) Former Tamil Nadu Chief Minister and AIADMK General Secretary J Jayalalithaa reiterated her ten questions about the FII regime in India, 'misuse' of Participatory Notes (PNs) and demanded Union Finance Minister P Chidambaram give replies or quit his office.

In a statement here, she said the Finance Ministry's replies to the issues raised by her on FII regime and PNs were not complete, satisfactory and ''seek to conceal more than they reveal.'' ''My original question remains. If the Union Finance Minister does not provide satisfactory answers to these questions which concern India's security, will he quit,'' she said, adding if Mr Chidambaram does not step down, the Prime Minister should sack him as India could not afford to have a Finance Minister who was a major security risk.

She demanded that the Finance Ministry publish the complete list of PN holders. If SEBI had the details, it should publish the same in its website.

Ms Jayalalithaa also wanted to know whether the Finance Ministry could track the holders of all the PNs issued by the FIIs and whether it knew the names of owners/promotors or beneficiaries of a company holding PNs.

She wanted to know whether the Ministry could authentically say that no PN holder had any narco-terrorist connections. The Ministry should furnish the details as terrorism have been on the increase.

She said the Ministry owed an explanation to the ''discomfort'' of the former SEBI Chairman M Damodaran over a fourth of the market being held by the PNs when the source of money was unknown.

The Finance Ministry's attempt to trivialise the RBI's views on PNs as contained in the Ashok Lahiri report, amounted to playing with national security, Ms Jayalalithaa said.


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