IPO Scam: Time to examine systemic issues

IPO Scam: Time to examine systemic issues: "A few weeks ago, the Reserve Bank of India (RBI) levied tiny fines on banks involved in what is known as the IPO Scam, patted itself on the back, and sought to bury the issue. But the good news for investors is that the government and the capital market regulator are inclined to do a lot more than that, even without the BJP seeking to extract political mileage from the scam.
For starters, the Finance Ministry wants the Securities and Exchange Board of India (Sebi) to find a way to reallocate scamsters� shares frozen in the Yes Bank and IDFC issues. The regulator must take this forward by forcing a disgorgement and re-distribution of profits earned by Rooopalben Panchal and gang in at least 20 other IPOs where they had cornered disproportionate shares while perfecting their mischief."