OCH/CD/NH/2006/78499 October 11, 2006
The Resident Editor
The Economic Times
Times of India Building,
Dr. D.N.Road, Fort
Mumbai – 400 001
Dear Sir,
Sub: Clarification
In the “Current Account” column published in your newspaper on October 11, 2006, there is an item headlined “Executive case” wherein it has been stated that the appointment of Executive Directors in SEBI seems to be a point of friction between the Chairman and some Board Members. It has also been stated that there is a case “which did not escape the attention of the Finance Minister at a meeting in the new SEBI Bhavan.”
The news item is entirely baseless. SEBI has recently appointed one of its Chief General Managers on Promotion as Executive Director and the decision has been endorsed by all the Members of the Board. SEBI has also appointed a Legal Adviser in the rank of Executive Director with the approval of all the Members of the Board.
No issue relating to the appointment of Executive Directors in SEBI came up during the meeting with the Finance Minister held in the new SEBI Bhavan.
We would advise you not to publish such misleading and baseless news items.
Thanking you,
Yours faithfully,
for Securities and Exchange Board of India
(N.Hariharan)
Dy. General Manager (Communications)