The chief of Securities and Exchange Board of India (Sebi
) has sought phone tapping rights to help the capital market regulator better monitor stock market transactions.
Sebi chief UK Sinha has written to the secretary of Dept of Economic Affairs seeking the tapping rights.
It has also been learnt that Sebi's earlier chief CB Bhave had in April 2010 written to the authorities seeking powers for phone tapping.
The move comes amid a widening insider trading probe in the US against Rajaratnam, the hedge fund billionaire. The prosecutors have relied on the secretly recorded telephone conversations between Rajaratnam and his supposed accomplices and colleagues to back their case.