Friday, May 19 2006 14:23 Hrs (IST) - World Time -

New Delhi: Maintaining that collusion between some bankers and brokers led to the multicrore IPO scam, Government today (May 19, 2006) promised action against those found guilty.

"If found guilty, SEBI (Market Regulator) will come down very heavily on those who gained illegitimately," Finance Minister P Chidambaram said in Lok Sabha.

He said SEBI had already passed an interim order on the matter.

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. Broker, investor and bank officials colluded," he said.

The Finance Minister was replying to a question raised by BJP's M A K Swain who had also asked whether the Government was also involving the Serious Frauds Investigation Office in the probe.