Sebi to probe insider trading

Nov 27, 2010 |

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Mumbai, Nov. 26: Market watchdog Sebi is probing possible front-running and insider trading in shares of over two dozen companies, including some blue chips, by entities and persons involved in the housing-finance scam.

The initial findings, when corroborated with the charges made by the CBI, indicate to a large-scale front-running deals in these companies on the basis of prior knowledge about investment decisions being made by large institutional investors, a senior Sebi official said on condition of anonymity. Sebi whole-time member, Mr Prashant Saran, said the “Regulator’s job is investor protection. So, we (will) continue to take steps to protect investors.”

The probe of large institutional investors may cover LIC, whose Secretary (Investments) was among those arrested by CBI in connection with the multi-crore scam, as also those investors who participated in share or debt placements arranged by investment banking and financial services firm Money Matters, sources said.

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