Sebi tracking movements in bourses: Bajpai

MUMBAI: Securities and Exchange Board of India (Sebi) chairman G N Bajpai has said that the regulator was on high alert in view of the recent rally in the stock markets.
"We are tracking unusual movements in the marketplace which are not based on fundamentals," said Bajpai while talking on the sidelines of a two-day convention on capital markets here organised by Ficci and Sebi.
He, however, denied that any such instances had been identified. He refrained to comment on the probe initiated on the foreign institutional investors'' role in the recent spurt in stock prices.
When queried on the income tax department raids on two prominent Mumbai-based brokers recently, Bajpai said that Sebi was not involved in the operation.
Sources said that Sebi had sent an officer to find out the relevance of the I-T searches though it was concluded that there was no need for a Sebi intervention.
Bajpai doubted whether the income tax raids had anything to do with Sebi''s investigation on the banking stocks. "I don''t think so," he said talking on the issue.