Steps to address IPO scam soon: FM

Finance Minister P Chidambaram today said that the government would take action against those involved in the scam related to the issue of initial public offer IPO shares by Yes Bank and IDFC in the next few days.

Replying to a question in the Lok Sabha today, he said: 8220;Some set of persons had opened multiple accounts in May 2003 using the same address. They were emboldened by the fact that no action was taken against them at that time8230;now we have identified them and action will be taken in the next few days8217;8217;.

He told the house that all agencies of the government including the RBI, Sebi, CBI and CBDT have been activated and the 8216;8216;severest action8217;8217; would be taken against those accused and added that while interim action has already been taken, there would be more action in the coming days.