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Chidambaram warns IPO manipulators

Finance Minister was responding to SEBI's unearthing of another account scam on Thursday in IDFC IPO.

india Updated: Jan 13, 2006 14:30 IST

Finance Minister P Chidambaram said that Government and market regulator SEBI will not allow any misuse of the system in new public issues and "severe action" will be taken against all those involved in the Yes Bank and IDFC IPO allotment scam.

"We have cautioned everybody that there should be no such misuse of the system when the new issues hit the market. I have spoken to the persons concerned. They are taking care so that such scams do not take place," he added.

"I don't think there is anything to worry about the new issues," he said, adding "I think all agencies acting together will take severe action against those involved in the scam".

Chidambaram was responding to SEBI's unearthing of another account scam on Thursday in IDFC IPO, which is of a much larger proportion as compared to that of the Yes Bank IPO allotment detected last month.

First Published: Jan 13, 2006 13:57 IST