BSE to reconsider surveillance officers' case

NEW DELHI: The Securities & Exchange Board of India (Sebi) has asked the Bombay Stock Exchange (BSE) to consider reinstatement of former director in charge of surveillance, A A Tirodkar, who was allegedly passing off market sensitive information to broker-members during the scam days.

"We have asked the BSE board to reconsider it. Tirodkar had made a representation to Sebi. So we asked them (BSE board) to look into his grievance," Sebi chairman G N Bajpai told reporters after a board meeting here.

Tirodkar was removed from his post after public representatives of the BSE board alleged that he had leaked tapes of conversation between the former president Anand Rathi and members of the surveillance department.

Some of the brokers, who had access to price sensitive information, had hammered the market down just after Budget announcement last year.

A judicial inquiry was ordered under a retired Supreme Court judge on Tirodkar''s role after the scam.

After the enquiry, the judge exonerated Tirodkar from the charges. However, public representatives on BSE board are not in favour of reinstating him.

Tirodkar then approached Sebi on this issue and gave a representation.