Net widens on IPO rigging

The crackdown on alleged manipulation in recently listed initial public offers (IPOs) by the Securities and Exchange Board of India (Sebi) may unearth a full-blown scam. Multiple government agencies, including the Enforcement Directorate (ED), Central Board of Direct Taxes (CBDT) and the Ministry of Corporate Affairs (MCA) will investigate the matter. Regulatory sources say findings are due to be out on at least 15 more companies that raised money through IPOs in the past year.

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