BHARAT SURAKSHA YATRA
April 6 -- May 10, 2006

Press Statement issued by Shri L.K. Advani
Leader of the Opposition (Lok Sabha)
Mumbai – May 1, 2006

The BJP supports the decision taken by the Securities Exchange Board of India (SEBI) against those indulging in what has proved to be the biggest IPO-demat scam.

SEBI's action belies repeated denials by the Union Finance Minister, Shri P. Chidambaram, of irregularities in the current extraordinary bull-run on the stock exchange. The BJP wholeheartedly welcomes healthy vibrancy in the Indian stock market. However, there can be no place for benami account holders, speculators, unscrupulous market operators and other kinds of scamsters in the impressive performance of the stock exchange. Market scandals in the past have not only hurt small investors, but also dented people's faith in the agenda of economic reforms.

The BJP firmly believes that the interests of small investors must be protected. All steps should be taken to expand their base in order to enhance the width and depth of the Indian stock market.

I would like to caution the government and concerned regulatory agencies not to be complacent about the possibility of fresh financial scandals. I demand a thorough and credible probe into the IPO-demat scam and deterrent punishment to the scamsters. There should be no attempt to shield market manipulators, under likely pressure from their political godfathers.