Kelle asks: Federation of small investors demands resignation of SEBI chief for approving Reliance Power IPO at such a high rate. Allege duping of investors all over the country. Investors plan protests outside SEBI office in Mumbai and out side ADAG money offices in various parts of the country.
Federation of Small investors, an apex body of investors from all over the country plan protest outside SEBI office tomorrow at Bandra Kurla complex in Mumbai and burn the effigy of SEBI chief M Damodaran and ADAG chief Anil Ambani against jointly looting of innocent investors and ignoring their interests.
According to Mr Ritesh Dewan, Secretary, of Federation of small investors “the investors on various occasions had written to SEBI chief to look into irregularities in the issue and safeguarding the interests of the investors, Despite all hue and cry by the investors, SEBI cleared the issue and the results are here to see, heavy loss to small investors”
“The SEBI has been set up as regulatory body to safeguard the interests of investors, but in most of the cases it has been found siding with the promoters” he added.
“Small investors across the country had opened new Demat accounts and invested their whole life savings in the Reliance Power IPO., Most of them have lost money and their savings” said Mr Raj Kumar , a small investor
“Investors in Ludhiana, Chandigarh, Delhi and other cities will be protesting soon. The first protest will be held in Mumbai outside SEBI office” said S.K.Chibber another office bearer of the federation.
“Reliance Power IPO is the biggest scam of all the scams till date. The concerned authorities, regulators, merchant bankers, media and brokers have earned crores at cost of small investors” said Sourit Kumar, a young college going investor.
“A CBI inquiry should be immediately ordered into the whole affair to bring out the whole truth and culprits brought to book” , demanded another investor, Shishir Sharma
