Swamy demands sacking of Chidambaram

Chennai, Oct 17 (UNI) Janata Party President Subramanian Swamy today demanded sacking of Union Finance Minister P Chidambaram for the frequent stock market crashes.

In a statement here, he said ''most of the stock market fluctuations in India are rigged, due to Participatory Notes (PNs), which is promoted by Mr Chidambaram.'' ''Despite protests from SEBI and recommendation by the Tarapore Committee to discontinue it, Mr Chidambaram was promoting PNs,'' he alleged.

''The Prime Minister should set up a committee, comprising personnel from SEBI, RBI and others, to trace which stocks have risen and fallen in value frequently and who bought them,'' he said and alleged ''most of such transactions can be traced to Mr Chidambaram's well known 'benamis', including an Indian Revenue Service officer based in Kolkata.'' UNI