Mumbai, Sept 20: Securities and Exchange Board of India is to examine the sudden rise in prices of small scrips, including, companies declared defaulters by banks, according to Investor`s Grievances Fourm president Kirit Somaiya. IGF has sought a probe by Sebi into investments by Alliance Capital Mangement as foreign institutional investor and its mutual fund arm in India, Somaiya told reporters after meeting with Sebi chairman G N Bajpai on Friday.
IGF delegation met G N Bajpai and Sebi whole-time board members A K Batra and T Nagarajan and demanded an investigation into unusual bullishness trend in the market especially small stocks.

Sebi has taken cognizance of our complaint and assured that the regulator would ask its secondary market committee to study the alleged manipulations in small stocks, he said.
The rise in prices was without any change in the fundamentals of the company and the majority shares of such entities are in hands of few, he said. Bureau Report