Sebi not concerned with levels : Damodaran

The Securities and Exchange Board of India (Sebi) chairman M Damodaran on Friday strongly disapproved its whole time member Madhukar's crystal ball gazing last week.

At the BSE's corporatisation function, Madhukar had said that Sensex would touch 16,000-point mark during the current fiscal.

Damodaran said, "Sebi is mandated to act in the interest of the investors. It is not in the business of advising individual investors... Its job is to ensure orderly conduct of the market. We are not concerned with the level of the markets."

He told reporters to put the controversy behind. "We believe that investors should take their investment decisions after a thorough understanding. No investor interest is served by keeping this issue alive. The Sebi's mandate is to see that the markets are functioning properly," the Sebi chief added.

Madhukar had said that the Sensex was set to cross the 8000-point mark over the next few days and it might cross the 16,000 mark during the current year itself.