Damodaran’s comments comes amid debate in the country whether the recommendations of the Justice Srikrishna Committee incorporated in the Indian Financial Code should be implemented.
Wall Street fell more than 1 per cent in early trading on Tuesday due to a fall in oil and copper prices on concerns about the outlook for the Chinese economy.
The penalty follows another order by Sebi last year wherein PACL was asked to refund Rs 49,100 crore it had collected through illicit schemes over a 15-year period.