The Securities and Exchange Board of India (Sebi) has started investigating abnormal trading volumes in the Indian Oil Corporation (IOC) scrip prior to the announcement of the 1:2 bonus issue. With this, Sebi has extended the scope of its ongoing inquiry into the rise in bank scrips.
Sebi has also included in its investigations the Industrial Development Bank of India (IDBI) scrip, whose price trebled in recent times.
The market regulator's investigation department sent out an urgent letter to all market intermediaries, including mutual funds, foreign institutional investors and brokers, demanding details of investments made in select stocks
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