The government would take strictest possible action against market manipulators and those who tried to deliberately engineer market panic, Finance Minister P Chidambaram told the Lok Sabha on Friday.

"I would like to assure that effective action against those guilty for the scam will be taken and we will present progress reports at regular intervals until the House is fully satisfied," Chidambaram said in a statement on the third progress report on the action taken pursuant to the recommendations of the Joint Parliamentary Committee on stock market scam.

"The aim of the government is to ensure that all those who perpetrated the scam or were accomplices to the misdeeds do not go unpunished, " he said.