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IPO scam: Guilty to be punished

May 19, 2006 14:35 IST
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.

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