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Sebi not to probe alleged insider trading on US-64 units

Securities and Exchange Board of India chairman D R Mehta on Monday ruled out any probe by the capital market regulator into price manipulation charges relating to Unit Trust of India's flagship scheme US-64, saying it was out of its "jurisdiction".

"US-64 and four other UTI schemes, valued at about Rs 200 billion, are not within Sebi's jurisdiction," Mehta told reporters, adding the remaining schemes adhered to the Sebi's disclosure norms and investment guidelines.

However, he said that the US-64 crisis had affected to some extent the recovery of the stock market under the new rolling settlement system.

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