Bank of Rajasthan: SEBI’s dubious logic

SEBI whole-time member Prashant Saran, a former central banker, let off the group saying that the violation need not be ‘considered grave’ since it did not involve price or volume manipulation to hurt other investors’ interest – even though the bank deliberately flouted RBI norms.

In a belligerent letter to the prime minister just before his term ended in 2011, Dr KM Abraham, former whole-time...

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