JR Varma expresses intention to quit Sebi board
New Delhi: Even as the Sebi board prepares to meet today to finalise its report on Anand Rathi, the former president of the Bombay Stock Exchange, Dr. JR Varma, who had come to Sebi on a one-year leave from IIM Ahmedabad, has expressed his desire to quit the board when his term ends in June this year.

Dr. Varma is understood to have communicated his decision to the finance ministry and the Sebi chairman. While Dr. Varma has stated that he wished to go back to the academic world, his departure at this juncture when Sebi is going through a very turbulent phase is likely to fuel speculation on his reasons for quitting.

Only recently, Varma had given a dissent note on Sebi’s ruling against Anand Rathi and his firms, although it is learnt that this is not connected with this resignation.

The full Sebi board is to meet today to decide on the Anand Rathi issue in view of the critical nature of the issue and its bearing on a judgement expected from the Bombay High Court.

The SEBI order passed in the Rathi case had concluded that he may have been involved in price manipulation.
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