Sebi asks SEs to keep a tab on Reliance scrips

The Securities and Exchange Board of India (Sebi)has advised the stock exchanges to keep close tabs on the stocks of Reliance group companies. The regulator has also asked the exchanges to keep it updated on the scrip movements on a daily basis.

Sebi chairman G N Bajpai, told reporters at a function here that the regulator was monitoring the developments through the exchanges. Sources in exchanges said they were monitoring all the listed companies in the group for unusual movements.

The exchanges are specially looking out for large volume deals, and deals at prices which are out of the prevailing market prices. Since deals of one per cent and above of the equity of a company have to be reported to the exchanges, officials said that they have to be on the lookout for smaller deals too.

Exchange are also learnt to be keeping a tab on the transaction patterns of the foreign institutional investors who hold a sizeable 22 per cent stake in Reliance Industries.

Scrips of Reliance companies have taken a beating ever since the friction within the Ambani family spilt into the open. However on Monday they were on recovery mode. The Reliance Industries scrip closed at Rs 509.80, up 1.24 per cent over Thursday's close.

The Reliance Energy scrip closed at Rs 555.30, up 1.13 per cent, IPCL closed two per cent higher at Rs 178.85, Reliance Capital was up 0.73 per cent to Rs 137.25 while Reliance Industrial Infrastructure closed up 1.91 per cent at Rs 74.55.