The Securities and Exchange Board of India -SEBI has initiated a probe into the panic selling of some mid-cap and small-cap shares that crashed on Monday.Suspecting foul play, SEBI and the Bombay Stock Exchange are looking into possible links of a rogue trader who has been barred from the capital markets but could still be trading through front entities. While the problems were initially limited to about 10-12 stocks, the panic selling spread to other companies. However, some of the affected shares managed to recover the lost ground, fully or partly in afternoon trade. The Mid Cap index had declined 1.2 per cent to close at 6,530 while the Small Cap had shed 1.36 per cent to end the day at 6,47.