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There was no possibility of terror outfits manipulating the
country's stock market, the government informed the Supreme Court
government, at present, does not have any reliable, credible
information of any surreptitious entry of a terrorist outfit into
the stock market," the Department of Revenue said in a fresh
affidavit before the Supreme Court which is hearing a lawsuit
seeking direction to the government to retrieve the Indian black
money stashed abroad.
Board (Securities and Exchange Board of India - SEBI) as well as
stock exchanges, however, have been administered sufficient caution
to look out for any suspicious and irregular entrant into the stock
market activity," said the affidavit filed in response to a public
interst lawsuit by former law minister Ram Jethmalani.
Alleging a nexus between Indian black money stashed abroad and
terror funding, the lawsuit has accused the government of sitting
idle on the issue of retrieving such black money.
"Upon enquiry, it has been confirmed by the Bombay and Chennai Stock
Exchanges that no fictitious or notional companies can be stated to
be involved in stock market operations," a second government
affidavit filed in response to the lawsuit said.
Elaborating on the SEBI mechanism for regulating the Foreign
Institutional Investors' (FIIs) investments into the stock market,
the government ruled out the need to ban participatory notes (PNs).
view of the fact that participatory notes are market instruments and
when they are created and traded abroad it is not possible to ban
the issue of the said instrument," it said adding they are being
regulated effectively and efficiently by SEBI.
government said it was mandatory for all FIIs to report at the end
of every month all the informations relating to participatory notes
issued by them including the names of the subscriber to the said
government, however, agreed to the possibility of the misuse of
double taxation treaty between India and Mauritius.
centre is alive and conscious of the potentiality of the misuse of
the double taxation treaty between India and Mauritius. In fact,
further amendments to the treaty are being negotiated," the
Department of Revenue brushed aside the allegation of inaction
relating to stashing of black money in foreign banks by Pune-based
businessman Hasan Ali Khan against whom the Enforcement Directorate
has lodged a complaint for violating the Foreign Exchange Management
Act (FEMA). It termed as baseless the allegation that the government
was interested in protecting powerful individuals who may have been
using Khan and his wife as their nominees.