IGF welcomes SEBI Action on IPO Demat Scam

Mumbai, Apr 27 (UNI) Investors Grievances Forum (IGF) has welcomed the Securities and Exchange Board of India (SEBI) action on IPO demat scam and demanded Reserve Bank of India (RBI) to take action against concerned organisations.

IGF asked government to recover financial profit from scamsters and distribute it to small investors, IGF head Kirit Somaiya said.

Earlier today as a fall out of the IPO scam involving the use of multiple demat accounts being investigated by the Securities and Exchange Board of India (SEBI), the market regulator today in its investigation report announced the banning of 29 organisations including India Bulls and Karvy, as per SEBI release issue today.

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