Regulator for the securities market in India, Securities and Exchange Board of India (SEBI) will probe the various alleged fund diversion and corporate governance lapses listed in Paradise Papers leak. The leak also includes the name of absconding businessman Vijay Mallya. Some businesses of Mallya are already under scanner by SEBI and other agencies. The disclosures about other listed firms and those associated with them or their promoters would also be looked into for any irregularities including about corporate governance and disclosure norms, a SEBI official was quoted as saying by PTI.
SEBI officials have also claimed that mere presence of any Indian firm in Paradise Papers does not mean any violation of the law. However it needs to be probed that which firms did not disclose about such entities. This can only be ascertained after the investigation of the papers and the firms. As per reports, SEBI will be working in other regulators and government agencies and if required information will also be taken from foreign regulators. A structured approach to this case will also be discussed at Financial Stability and Development Council (FSDC).
India ranks on number 19 among the 180 countries listed in this leak. As per reports, there are 714 Indians in the list. Minister of State for Civil Aviation Jayant Sinha, Sanjay Dutt’s wife Manyata Dutt and Amitabh Bachchan are among the internationally known figures linked to offshore tax havens.
Some other Indians that featured on the list are Ex Rajasthan CM Ashok Gehlot, former Union minister Sachin Pilot and Karti Chidambaram, son of P Chidambaram
Paradise Papers is the fourth collaborative investigation into offshore and banking assets done by The Indian Express with International Consortium of Investigative Journalists (ICIJ).
Disclaimer — (There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any people, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly. Many people and entities have the same or similar names. We suggest you confirm the identities of any individuals or entities located in the database based on addresses or other identifiable information.)