Advani demands probe in the IPO scam

Mumbai, May 1 (UNI) Leader of opposition in the Lok Sabha L K Advani today said that action by the Securities Exchange Board of India (SEBI) against those indulging in what has proved to be the biggest IPO-demat scam belies repeated denials by union Finance MInister P Chidambaram of irregularities in the current extraordinary bull run on the stock exchange.

In a statement issued here, Mr Advani said BJP supported the SEBI decision to act against those involved in the scam. ''There can be no place for benami account holders,speculators,unscruplous market operators and other kinds of scamsters in the impressive performance of the stock exchange. Market scandals in the past have not only hurt small investors,but also dented people's faith in the agenda of the economic reforms,'' he said.

Mr Advani said his party firmly believes that the interests of the small investors must be protected and all steps should be taken to expand their base in order the enhance the width and depth of the stock market.

Cautioning the government and concerned regulatory agencies not be complacent about the possibility of fresh financial scandals, Mr Advani demanded a thorough and credible probe into the IPO-demat scam and deterrant punishment to the scamsters. ''There should be no attempt to shield market manipulators under likely pressure of their political godfathers,'' he said.

UNI MR PP AW1542