Sebi to have dept to check price manipulation, misuse of IPO funds

To rein in misuse of the initial public offering (IPO) proceeds, the capital markets regulator Securities and Exchange Board of India (Sebi) is all set to have a separate specialised department, which will detect possible irregularities in the utilisation of net proceeds and even do forensic accounting of such firms. 

The move comes close on the heels of an extensive discussion it had with the finance ministry in November. The markets regulator has been asked to act on promoters diverting investor funds for personal gains. 

The new wing will be known as the corporate finance investigation department, which will be