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Wednesday, Oct 02, 2002

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IGF seeks action against SHCIL

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MUMBAI, Oct. 1

THE Investors' Grievances Forum on Monday said that it welcomes the Securities and Exchange Board of India's action in the Bank of Madura and ICICI Bank merger case.

According to a release issued by the IGF, the forum has demanded that SEBI take action against the Stock Holding Corporation of India Ltd (SHCIL).

The release further added that IGF had produced information and documents regarding the nexus in both the cases, but SEBI and RBI had given these cases a clean chit. Now it was proved that both the regulators were totally wrong, it said. Further, according to the release, SEBI had accepted the "nexus of a promoter of DSQ, Mr Dalmia, broker Biyani and SHCIL's Managing Director, Mr Gaud". While action has been taken against brokers, no action had yet been taken against SHCIL, its management and the DSQ promoter.

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