Switching scam: Sebi to scan Pru-ICICI branches

Market watchdog Securities and Exchange Board of India, which has completed the inspection of the Lucknow and Kanpur branches of Prudential ICICI Asset Management Company in relation to the gilts-to-equity switching scam, is expected to shortly begin the adjudication proceedings in the case. Alongside, Sebi is likely to also broadbase its inspection to more Pru-ICICI branches. ‘‘Based on the findings of the inspection, the regulator is likely to carry out inspections at a few other branches of the AMC,’’ a highly placed Sebi official said. When asked about the inspection of the aforesaid branches of the AMC, Pankaj Razdan, managing director of the AMC said ‘‘We are fully co-operating with Sebi and have furnished all the data they have asked for so far.’’