Friday, September 23 2005 13:36 Hrs (IST) - World Time -

New Delhi: Unperturbed by the upheavals in the Indian bourses, Union Finance Minister P Chidambaram today (Sept 23, 2005) said there was no scam in the stock market, which is well-regulated.

"There is no cause for concern. There is no scam in the market but there could be one or two 'adventurous' players in the market," he told CNBC TV18 in New York.

He said the Price to Earnings ratio for Nifty, Sensex, Nifty Junior, S&P 200 are well within comfort zone.

"It's a well-regulated market. So one should not be unduly worried when the market rises or falls rapidly," he said.

Chidambaram denied reports that the office of Prime Minister Manmohan Singh has been in touch with him over the stock market's movements and said, "There is no scam" in the market.

He said the upcoming fiscal second quarter earnings would be a good indicator of whether investors has gauged corporate performance correctly.

"We should wait for the second-quarter results, if they turn out to be as good as the first-quarter results, then the conclusion is that the market anticipated the second-quarter results," he added.