According to Sebi sources, the investigating agency is trying to ascertain the roots of some `benami transactions' which could have taken place in these shares during the 18 month period. `Benami' is a market connotation used to describe a trade where the buyer or the seller identification is not known since it is not linked to either the broker or his cleint.

``The trades are routed through a third party who is sometimes not even related to the broker or the client, hence it becomes easier to get away by doing any kind of mischief,'' explained a veteran BSE broker. ``Most of the times, such transactions are conducted on behalf of a shareholder who is eager to increase his stake without being identified,'' he added.

It may be recalled that similar benamitransactions were unearthed during the 1992 securities scam.

When contacted, the chairman of Bank of Rajasthan, P K Tayal refused to confirm the move made by the investigating agency. ``I don't think such an investigation is on and there is no reason for that,'' said Tayal. Tayal holds about 2 per cent of the bank's equity, and has been operating as the chairman of the bank since December, 1998.

The investigating agency, according to BSE brokers, (who had been asked to furnish the details within a period of one week) had shot a letter to the exchanges in December, 1998.

The agency, in its letter to the exchanges, had spelt out the need for certain specific information like top ten brokers who have traded at this counter, the volume and the price movement registered at this counter during this period.

Interestingly, the agency has also sought details on the nature of transactions with specific information on the clients for whom the business was transacted and their settlement details along with theirbank accounts. The agency has sought information on the margins imposed by the exchanges during the given period in case of volatility.