.......In an interview earlier this year, Subrata Roy talked about a "lady sitting on the Sebi board" who acted with vengeance. Roy was probably referring to former Reserve Bank of India Deputy Governor Usha Thorat, who was a nominee member on the Sebi board. According to Roy, Thorat got Sebi to act against Sahara to avenge the humiliation of the central bank in the Supreme Court. Observers say the very purpose of having an RBI person in Sebi is to enable coordination between the two bodies. There were other 'ladies', too. Usha Narayanan, executive director of Sebi, was heading the department that vetted initial public offering documents. In September 2009, Sahara Prime City filed an offer document for an IPO. Narayanan's department got a letter from one Roshan Lal raising questions about housing bonds floated by Sahara. This letter triggered inquiries and subsequent investigations...........
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