Sebi seeks details of proposed IDFC-Shriram Capital mega merger

Sebi is unhappy with the top management of IDFC, IDFC Bank, and Shriram Transport Finance

The Securities and Exchange Board of India (Sebi) has sought details from IDFC and Shriram Group's companies on the proposed merger.

The move follows Thursday's reports that unveiled the proposed merger. According to reports, Chennai-based Shriram Capital and IDFC Bank are set to begin negotiations for merging all or some of their businesses in a mega-union that could create a Ra 60,000-crore financial powerhouse. 

Sources said that the market regulator has asked stock exchanges to submit details of trade patterns for the price movements in their respective stocks.

Accordingly, the respective group companies need to submit detailed reports on trading patterns