News APP

NewsApp (Free)

Read news as it happens
Download NewsApp
Rediff.com  » Business » IPO scam: Guilty to be punished

IPO scam: Guilty to be punished

Source: PTI
May 19, 2006 14:35 IST
Get Rediff News in your Inbox:
Maintaining that collusion between some bankers and brokers led to the multicrore IPO scam, the government on Friday promised action against those found guilty.

"If found guilty, SEBI will come down very heavily on those who gained illegitimately," Finance Minister P Chidambaram said in the Lok Sabha.  He said SEBI had already passed an interim order on the matter.

The IPO scam: Complete coverage

Chidambaram said there was collusion between bankers of 3-4 banks, depository participants and depository behind the IPO scam.

"It is confined to a few branches of 3-4 banks. Brokers, investors and bank officials colluded," he said.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!