Somaiya holds FM responsible for market crash

Mumbai, Jan 21 (UNI) Former BJP MP and Investors Grievances Forum president Kirit Somaiya today alleged that the ''one-sided functioning of the SEBI and Finance Minister P Chidambaram, and overvaluation of IPOs'' have been responsible for today's market crash.

Mr Somaiya said the investors have lost Rs 900,000 crore due to the crash, adding that the defective payment system is also responsible for the same.

Recalling a similar crash on October 19 last year, Mr Somaiya said the Finance Minister then had talked about protecting the investors interest. However, he has not made any statements that time, he added.

He said 19 IPOs were in the pipeline this year which were overvalued.

UNI JM MAZ AE BD1916