Sebi seeks alerts from ministry on oil/gas finds

 "It would be useful if the director general of hydrocarbons (DGH) or the ministry puts in place a mechanism by which Sebi is alerted whenever there is a premature disclosure or a non-disclosure of development that merits disclosure," M Damadoran, chairman of Sebi, wrote recently to petroleum secretary S C Tripathi.

 V K Sibal, director general of hydrocarbons (DGH), had, on September 6, asked the market regulator to take action against ONGC for non-disclosure of 6 trillion cubic feet gas find.

 "There is no mechanism to determine if any announcement is premature or do not confirm to the disclosure clause," Damodaran added.