The Securities and Exchange Board of India (SEBI) has ordered an investigation into Indian IT services provider Satyam Computer today following disclosures of massive accounting fraud by the company.
SEBI said it had ordered an investigation into the affairs relating to buying, selling or dealing in the shares of Satyam Computer and will also ascertain whether any provision of the SEBI Act or SEBI Regulations/Rules has been violated.
As a first step in the investigation, SEBI has ordered inspection of the Satyam Computer in accordance with the provisions of the SEBI Act.
SEBI has named its General ManagerÂ Sunil Kumar as the Investigating Authority to investigate into the affairs relating to buying,
selling or dealing in the shares of Satyam Computer and submit a report to the Board at the earliest.
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