In a related development, Jasmin Bhogilal Shah, who had dragged Sebi to the Mumbai High Court seeking action against the regulator to check the unusual price rise in BPL and Videocon International scrips in June this year, has withdrawn his case following an assurance by Sebi that it will inform the petitioner of the completion of the investigation and the proposed action that it takes.

Sebi has also filed an affidavit before the court detailing the progress in the case. The affidavit dated August 31 has sought an eight week time period for completing investigations and another four weeks for preparing thereport.

This means that the Sebi report may not become public before November even though Sebi officials have pointed out that the investigations are nearing conclusion.

According to Sebi, investigations have been hampered due to non co-operation by some of the common clients. It is for this reason that it was compelled to issue 10 prosecution notices to these clients.

Sebi has also pointed out that some of the NSE brokers being probed are located in New Delhi and Calcutta and since broker offices are being inspected, the investigations could take time.

``The details collected from the 46 brokers inspected runs into 10,000 pages. Preliminary statements of the directors/brokers have been recorded. The common clients of these brokers have also been inspected. Inquiries with the bankers of these brokers and the common clients have been made,'' Sebi has informed the High Court.

``All the material collected are required to be collated and analysed. In view of the complexity of the task involved, keepingin mind the number of brokers and respective clients to be examined and the voluminous record and books of accounts, it is likely to take a further eight weeks to complete the investigation. A further four weeks will be required to prepare the report and initiate appropriate action under the Sebi Act and its regulations,'' Sebi has stated.

Following the submission of this affidavit, Jasmin Shah sought withdrawal of the petition.

There had been a spurt in the prices of certain scrips including BPL and Videocon International earlier this year. It was alleged that these shares prices had been rigged. Following a sudden collapse in the market, several operators who had built up huge positions were trapped and there was a major payment crisis at BSE and NSE which led to the bailout of some of them.