PNB fraud: Fake Sebi circular spooks investors

Following the expose of a massive fraud in Punjab National Bank there has been high interest among investors in public sector bank stocks. On Wednesday, a circular, purportedly from market regulator Securities and Exchange Board of India, made rounds seeking data from investors punting on these stocks. Their fears were compounded after a popular news channel flashed the news about the circular. Their fears proved unfounded when it emerged later in the day that the circular was fake.