IPO scamsters will not be allowed to book illegal profit: FM

New Delhi, May 19 (UNI) Finance Minister P Chidambaram today assured the Lok Sabha that SEBI ''will come down heavily'' on all those found involved in the recent IPO scam and none of them would be allowed to book illegal profits.

Replying to supplementaries, Mr Chidambaram said the market regulator had already issued a detailed 281-page order, while bank officials found guilty had been suspended.

Removing misapprehensions, the Minister clarified that banks had not lost any money in the scam. It was the ''so-called investors'' who had been affected, he said.

The scam was the result of a collusion between officials of three-four banks at the branch level, brokers and depository participants and due to some failure on the part of the depository.

The irregularities involved opening of several bank accounts by several people giving the same residential addresses at some branches.

The Minister made the statement in reply to a question by Mr M A K Swain (BJP) who wanted to know whether the scam had been referred to the Serious Frauds Office.

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