The Hindu Business Line : SEBI back on high alert, warns of strict action

THE Securities and Exchange Board of India (SEBI) has stepped up efforts to detect price manipulation on the stock market, especially in shares of PSUs that are being divested.

Mr G.N. Bajpai, Chairman, SEBI, today said that the stock market regulator was on "high alert" and will take `strict' action against those found guilty of manipulating the markets.

"We are watching the price movements closely and are prepared to take prompt action against any unusual movement," he said after attending a meeting of the high-level committee on capital and financial markets.

Asked whether any players were involved in hammering down the prices, he said, "The markets have various sets of participants and we are watching them." However, Mr Bajpai refused to name anyone.

Yesterday, the Disinvestment Minister, Mr Arun Shourie, had stated that the Government has identified market players depressing the stock prices.

On the market regulator's action on basis of Mr Shourie's statement, Mr Bajpai only said: "I will not like to comment on statements by the Minister."

The high-level committee discussed the issue of participation of insurance companies in exchange traded derivatives.

Other issues included the listing of securities receipts, regulation of private placement market and inter-regulatory co-ordination in stock market-related developments, according to an RBI release.

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