"If found guilty, SEBI will come down very heavily on those who gained illegitimately," Finance Minister P Chidambaram said in the Lok Sabha. He said SEBI had already passed an interim order on the matter.
The IPO scam: Complete coverage
Chidambaram said there was collusion between bankers of 3-4 banks, depository participants and depository behind the IPO scam.
"It is confined to a few branches of 3-4 banks. Brokers, investors and bank officials colluded," he said.