FM will reply to Yashwant later

New Delhi: Finance Minister P Chidambaram said on Monday he will reply to BJP leader Yashwant Sinha's demand that he explain the market crash when the time is right.

"It will be inappropriate to make an off-the-cuff statement," said Chidambaram.

"It has to be a considered view. Off-the-cuff remarks can have very damaging implications for the stock market," he said.

"I have taken a very serious note of the member's concern. I will come at an appropriate time."

The Finance Minister also asked Sinha to restrain his party colleagues from demanding a statement from the Government on the issue straightaway in the House.

"Mr Yashwant Sinha, who was earlier the Finance Minister, should know it better," he said.

Sinha had wanted Chidambaram to make a statement on "violent fluctuations" in the stock markets, saying it was neither good for the government nor for investors.

"It appears both the government and the SEBI have lost control over stock markets. It is the brokers and manipulators who have taken control of it," he said.

Sinha also took strong exception to remarks by some Congress members that the crisis in Indian bourses was triggered by similar crises in western countries.

"It is not fair to attribute every crisis in the country to a global phenomenon," Sinha said, reminding the treasury benches that they had demanded his resignation in the wake of the UTI crisis.

"It is now my turn to demand a statement from the Finance Minister," he said.

Deputy Chairman K Rahman Khan said the government could not be forced into making a statement, as there was no proper notice given in this connection.

He also reminded that the House had discussed the issue on Friday.