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CSE officials depose before JPC

Calcutta Stock Exchange officials deposing before the Joint Parliamentary Committee probing the multi-million-rupee stock scam on Tuesday highlighted the dubious role of IndusInd Bank leading to payment crisis in the stock exchange.

JPC chairman Prakash Mani Tripathi told reporters that CSE executive director Tapas Dutta informed the committee that the bank did not inform the stock exchange it was not making payment because a broker who had issued the cheque did not have money in his account.

Instead, the bank delayed the payment of the cheque by four days which turned out to be "critical" for the stock exchange, Tripathi quoted Dutta as saying before the committee.

Tripathi, however, did not give the name of the broker saying that the committee did not quiz the Calcutta Stock Exchange officials on Tuesday as it being technical briefing by them.

CSE officials would be called late to be examined as witnesses.

Besides Dutta, CSE general manager Gautam Bhattacharya and secretary P K Ray deposed before the committee.

Tripathi also said that the CSE officials told the JPC that the payment crisis surfaced in the stock exchange around March 9 when a settlement for purchase of shares of Himachal Futuristic and DSQ were not made on the due date which happened to be a Saturday the previous day being a holiday.

Settlement for these purchases were subsequently made, overstepping the rules, the next working day which happened to be Monday after Unit Trust purchased the shares at a discounted rate, the CSE officials told the JPC.

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