Tuesday, May 2 2006 10:17 Hrs (IST) - World Time -

New Delhi: Market regulator SEBI yesterday (May 1, 2006) scotched speculation that it went back on its interim order relating to the IPO scam to avert a stock market meltdown after Finance Minister P Chidambaram intervened.

"We have not reversed or changed anything in the interim order," SEBI chief M Damodaran told sources here, emphasising that SEBI had to issue a clarification only because of mis-reporting.

"Media can write any crap (sic). I can't be denying each and everything. This is a democratic country. Anybody can say or write anything," he said, adding he had not met or talked to Finance Minister for several days.

The regulator said it would probe the 491 point drop in the market, which followed its interim order of Thursday barring 24 intermediaries from trading.

"Today is only Monday. Yesterday and day-before were Saturday and Sunday. We shall be enquiring into it," Damodaran said.

The market benchmark sensex crashed in initial trading a day after SEBI slapped the ban on the operators for their role in IPO scam.

But partial relief by way of deferring the ban on one of the intermediaries - Indiabulls - lifted the market sentiment and the market consolidated gains further on Saturday during a special trading session.

Trading is closed today on account of May Day.

On Friday, Damodaran had said that investigation on the IPO scam will continue and more action was likely if new facts emerge.

"Nothing (investigation) is over. If new facts emerge, we are open to investigation," he said.