Yaswant demands thorough inquiry into IPO scam

Kannur (Kerala), Apr 29 (UNI) Former Union finance Minister and senior Bharatiya Janata Party (BJP) leader Yeshwant Sinha today demanded that the UPA Government at the Centre order a thorough inquiry into the multi-crore initial public offer (IPO) scam.

Participating at a meet-the-press programme here, Mr Sinha said it was necessary to conduct a probe into the scam to know the full facts. The recent fluctuations in the stock market sensex at Mumbai were due to a manipulation, he alleged.

Stating that it was necessary to regulate the stock market in the country, he urged the Government to ban the foreign institutional investors (FII) participatory notes in the stock market. The participatory notes investments by the FII had gone upto 50 per cent from the 30 per cent during the last three years.

Opposing the proposal of the Foreign Direct Investment (FDI) in the retail sector, Mr Sinha, who is here on a two-day election campaign for the BJP candidates, said the move would be armful for the retail sector in the country. As the government had enough resources to open such outlets, there was no need to depend foreign investors, he added.

Regarding FDI in insurance sector, he said it was necessary for a certain per cent as the sector needed more investment for equity.

However, it should be controlled by the Government and the money of the policy holders should be invested in the country instead of taking it away by the foreign investors, he added.

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