At a time when everybody is talking about foreign institutional investors pumping millions of dollars into Indian equities to pitchfork the market to a record high, market regulator SEBI has tracked an Indian individual who made a purchase of over ₹2,000 crore on Friday.

“The regulator has issued a notice to an individual broker asking him to explain his purchase,” a highly placed source told Business Line, refusing to give out the identity of the person.

However, the source did mention that earlier this person was trading in small quantities, but on Friday, the regulator’s surveillance department tracked him putting through a large deal. After a thorough scrutiny, the regulator finally served him a notice on Monday.

The source said SEBI was keeping a close watch on the stock market after shares rallied to a record high in anticipation of a stable government led by the BJP. All the exit and post-poll surveys have predicted a victory for the BJP-led National Democratic Alliance, the final results for which will be out on May 16. The source added the regulator was and would continue to make necessary enquiries, whenever trade appears to be unusual.

(This article was published on May 12, 2014)
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