SEC 'rekindles' fires of investigations

The Securities and Exchange Commission (SEC) has roped in some investors in addition to four stockbrokers into an ongoing probe for suspected market manipulation, according to SEC officials.

Last year, there was a perception that these probes were halted after the exit of two senior SEC officials, but other officials said that the regulator had never 'closed or ruled out' any investigation. They said that due to some 'external pressure' they may have been soft peddled, but now with the new Chairman, the regulator has re kindled the fires.

They said that any decisions taken by SEC is a collective decision and that it is the mandate of the SEC to conduct investigations into any alleged violations or contravention of the provisions of the SEC Act or any rule or regulation and these investigations are not "timed" in any way.

"We don't know what this 'fuss' is all about. The SEC has requested some people to explain their actions, which is a normal thing we do," a SEC official told the Businesses Times.

He added that the SEC being the regulator follows procedures to the letter and that it will continue to do so.

...any decisions taken by SEC is a collective decision and that it is the mandate of the SEC to conduct investigations into any alleged violations or contravention of the provisions of the SEC Act or any rule or regulation and these investigations are not "timed" in any way.

(DEC)