Sebi probes 71 fresh cases of irregularities in FY10

Market regulator the Securities and Exchange Board of India (Sebi) conducted investigation in 71 fresh cases of alleged irregularities, mostly related to market manipulation and price rigging, in the fiscal ending March 2010.

"During 2009-10, 71 new cases were taken up for investigation and 74 cases were completed...Since 1992-93, Sebi has undertaken 1,359 investigation cases. In 1,264 cases investigations have been completed," the Sebi said in its annual report 2009-10.

The Sebi further said that about 62 per cent of the cases taken up for investigation in the last fiscal pertain to market manipulation and price rigging, against about 68 per cent such cases in the previous year.

Other cases pertain to insider trading, takeover violations, irregularities in capital issues, and other irregularities.

"The purpose of such investigation is to gather evidence and to identify persons or entities behind irregularities and violations so that appropriate and suitable regulatory action can be taken, wherever required," it added.