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SEBI investigating more IPOs

SEBI is investigating other initial public offers (IPOs) to detect any possible manipulation.

india Updated: Jan 23, 2006 14:10 IST

Market regulator Securities and Exchange Board of India (SEBI) said on Monday that it was investigating other initial public offers (IPOs) to detect any possible manipulation.

"We have not closed the shop yet, the business is going on definitely," SEBI Chairman M Damodaran said here on the sidelines of a financial services convention organised by Bombay Management Association (BMA).

Refusing to disclose further progress he said the outcome would be made public later.

When asked about the investigations being carried out by the Reserve Bank of India, he refused to divulge any detail.

"Conversation between regulators would remain between the regulators," he said.

On the concern of the small investors regarding the forthcoming IPOs, Damodaran maintained that there was nothing to be worried about.

"Why should they be worried? If they believe that at a particular price the offering is good, they should apply," he said.

Notably, the market regulator had unearthed thousands of fake demat accounts of some investors with regard to Yes Bank and IDFC IPOs.

First Published: Jan 23, 2006 14:00 IST