Mumbai, Jan 07 (Agencies): There is a need to look into practices adopted by wealth
managers, said Securities and Exchange Board of India whole-time member K.M.
Abraham.

"After one of the leading bank's investigation currently underway, we now have to look at practices adopted by wealth managers," Abraham said at the India Investment Management Conference here on Friday.

His comments come at a time when investigations are on in Citibank's 3-bln-rupee fraud case. The fraud at the bank's Gurgaon branch, where deposits from high net-worth individuals were diverted to the stock market, was uncovered last week.

The bank's relationship manager, Shivraj Puri, is alleged to have promised as much as 18% return to HNIs under a special scheme and collected huge sums of money.

On Tuesday, the Gurgaon police registered a first information report naming Citibank's Nagpur-born global Chief Executive Officer Vikram Pandit and 10 other officials in the fraud.