Securities and Exchange Board of India may institute an independent enquiry into any improper conduct of its officials deputed to handle the Calcutta Stock Exchange payment crisis.

"The matter is under the consideration of Sebi," said the Government's Action Taken Report on the 276 recommendations made by the Joint Parliamentary Committee that enquired into the stock scam of 2001.

JPC in its report had recommended that the Sebi chairman should institute an independent inquiry, specifically into the antecedents of the deputed officials and probe whether the officials had any role in facilitating Unit Trust of India's off-market purchase from the CSE.

The action taken report, tabled in Parliament on Friday, underlined the need for evolving a monitoring system to generate adequate warning signals in the event of any manipulations, causing "unreasonable" inflow and outflow of foreign exchange.

For this, Reserve Bank of India has emphasised the need for exchange of raw data, something akin to the proposed Credit Information Bureau.

Sebi too felt that such a 'red alert' was necessary to monitor FIIs' (foreign investment institution) transactions and other portfolio investment schemes.