NEW DELHI: The Supreme Court on Monday said that it would examine whether a separate SIT should be appointed to examine Panama paper leak controversy in which around 500 Indians were named for stashing money in foreign banks allegedly to evade tax.Although the Centre contended that SIT on black money was examining the issue, a bench of Justices Dipak Misra and R Banumathi said that one SIT could not be assigned all tasks and would decide whether a separate probe team was needed. "Total value of participatory notes, disclosed by Sebi in its website, used as margin for transaction in NSE and BSE is more than of rupees Rs 5 lakhs crores. In fact, non-disclosing figure of PNs are more than 25 lakhs crores what Sebi officials did not disclose due to vested interest," he said in his plea. "These offshore bank accounts and funds have been being protected and allowed in circulation in Indian stock market through regulators under political protection for which Sebi chairman and directors has been re-appointed/extended their terms several times," the petition said.PNs are popular among foreign investors since they allow the investors to earn returns on investment in the stock market without undergoing the significant cost and time implications of directly investing in the country. These instruments are traded overseas outside the direct purview of Sebi surveillance thereby raising many apprehensions about the beneficial ownership and the nature of funds invested in these instruments.

Source: Times of India January 09, 2017 15:22 UTC