MUMBAI, April 4: Securities and Exchange Board of India (SEBI) has effected a reshuffle in the portfolios of executive director Pratip Kar and senior executive director O P Gahrotra. While Kar has been shifted to the secondary market department where he would share the responsibility with MD Patel, another executive director, Gahrotra has been given the portfolios hitherto handled by Kar, except for mutual funds and depositories.Kar, who was earlier with IDBI, was handling FIIs, mutual funds, depositories, takeovers and custodians. Gahrotra on the other hand was handling the secondary markets wing including derivatives. He will take the derivatives portfolio along with him while Kar will continue to retain the depositories portfolio. Mutual funds will now be looked after by another executive director, Ashok Kacker.
Even though Sebi chairman, D R Mehta said that shift was a routine one to impart a "change" in the portfolios, insiders say that the fact that Kar's role has been drastically pruned, suggestsotherwise.
Sources said Kar gave permission to CRB Mutual Fund despite objection from other officials.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
