3Novices : Indiabulls Ventures comes under Sebi lens over unusual share price rise

Indiabulls Ventures’ (IVL) unusual share price movement in the past six months has come under a regulatory scanner. According to sources, the stock exchanges have sought details of certain investors who traded in the scrip during the period.The sharp rise in the share’s price after a preferential allotment to institutional investors between April and June, say the sources, generated red flags at the Securities and Exchange Board of India’s (Sebi’s) surveillance system.The share price surged eightfold in these six months and trebled since April, ahead of the share allotment.”The regulator recently met the surveillance teams of stock exchanges and directed them to collate information about the price movement. The exchanges were asked to file a report within a month,” said a regulatory official. Accordingly, the exchanges have asked IVL for details of certain investors who transacted in the stock, along with their bank statements since the beginning of the year. And, to provide all the .. 3Novices


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