MUMBAI, SEPTEMBER 19: The Securities and Exchange Board of India (Sebi) will probe the sudden rise in prices of small scrips, including companies declared defaulters by banks, according to Investor’s Grievances Forum (IGF) president Kirit Somaiya. IGF has sought a probe by Sebi into investments by Alliance Capital Management as a foreign institutional investor (FII) and its mutual fund arm in India, Somaiya said after a meeting with the Sebi chairman G.N. Bajpai on Friday.
The IGF delegation met Bajpai and Sebi whole-time board members A.K. Batra and T. Nagarajan and demanded an investigation into the unusual bullish trend in the market. ‘‘Sebi has taken cognisance of our complaint and has assured that the regulator would ask its secondary market committee to study the alleged manipulations,’’ Somaiya said.
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