Swamy seeks FM's resignation for mkt fluctuation

Chennai, May 19: Janata Party President Subramanian Swamy today demanded immediate resignation of Union Finance Minister P Chidambaram for fauling to adequately deal with the present volatility in the stock market.

In a statement here, Dr Swamy said Mr Chidambaram was 'clueless' about the economic policy that the country must follow, and made 'ad hoc and flip flop' announcements from time to time, which confused consumers, producers, traders and markets.

He said the present volatility in the stock market was due to portfolio investments and short-term funds encouraged by the Finance Minister. Mr Chidambaram had diluted SEBIs power to regulate the market by allowing participatory notes (PN) to be exempted from inspection on ownership and disclosure, he added.

Dr Swamy said at present PN contributed over 55 per cent of FII funds inflow into the stock market. It represented money laundered by crooked politicians and other corrupt persons, and was unacceptable hot money, he charged.

Besides Mr Chidambaram's resignation, Dr Swamy demanded a CBI-SEBI inquiry into the origin and ownerships of the PNs.

UNI

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