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Some scrips rose by 10,000% during stock scam: JPC

The Securities and Exchange Board of India was unaware of the phenomenal rise in some stock prices during the scam period with some scrips rising between 7500 per cent to 11,000 per cent, JPC chairman Prakash Mani Tripathi said in New Delhi on Friday.

Tripathi, however, said the Sebi had overlooked this fact and should be given the benefit of doubt as even the media did not report on such a huge rise in value of some scrips.

"In fact, this occured to me yesterday (Thursday) as I was going through the list of scrips and found some scrips had registered very steep increases", he said after the JPC meeting held in the capital Thursday evening.

He said the value of Southpole Se share had risen by 11,000 per cent, Washington D by 9450 per cent, and that of Vision Tech by 7513 per cent.

Tripathi said the average fall of shares was about 800 per cent.

He said the JPC will work out a scientific method of evaluating the steep price increases.

The JPC chairman, who also briefed about the UTI technical session, said the former UTI chairman P S Subramanyam would also be called soon to depose before the JPC though a firm date has not been fixed yet.

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