Date:18/02/2006 URL: http://www.thehindubusinessline.com/2006/02/18/stories/2006021803720900.htm

Back IPO scam: Govt firm on punishing guilty

Our Bureau

New Delhi , Feb. 17

THE Finance Minister, Mr P. Chidambaram, on Friday said the Government and SEBI would take more action in the next few days against those involved in the recent multiple account demat scam in initial public offerings .

"We are determined to plug loopholes. I am determined to punish the guilty," Mr Chidambaram said in the Lok Sabha.

He blamed software glitches for not detecting multiple applications from the same address in the names of fictitious/benami individuals, the Finance Minister said that this was being set right.