Securities and Exchange Board of India Chairman M Damodaran on Friday said investigation on the IPO scam was still continuing and more action was likely if new facts emerge."Nothing (investigation) is over. If new facts emerge, we are open to investigation," he told PTI, a day after SEBI barred 24 key operators from operating in the stock
market and banned 12 depository participants from opening fresh accounts for their alleged involvement in major IPO scams of Yes Bank [Get Quote] and IDFC [Get Quote].
The IPO scam
Regarding SEBI's decision to keep in abeyance its order to ban stock broking company Indiabulls [Get Quote], Damodaran said it was the first to approach the market regulator and the decision is pending verification.
The affected brokers have 15 days time to respond, he said, adding SEBI's order was only interim and not final.
He said SEBI will have no hesitation in hearing petitions from other aggrieved parties, if they approach the market regulator.
SEBI on Friday kept its order banning Indiabulls Securities from participating in the capital market after the company made submission before the market regulator.
Indiabulls along with Karvy were among 24 operators who were barred from operating in the stock markets on Thursday in the SEBI's order on IPO scam.
In its submission before SEBI whole time member G Anantharaman, Indiabulls Financial Services said 559 account holders transferred 13,939 TCS [Get Quote] shares to Indiabulls Securities
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