SEBI on high alert

By Our Markets Bureau | 17 May 2004

1

Mumbai: The Securities and Exchange Board of India (SEBI) has asked stock exchanges to remain ``extraordinarily watchful'' of any unusual movements in the market.

It has threatened to take stern action against any individual or entity found indulging in market misconduct and breaching rules.

In a release on Sunday, SEBI said it continued to be on ``high alert'' and has asked the stock exchanges to report any unusual movements. It said it had called for data from the exchanges on Friday for analysis and examination.

In what has been reported as the biggest single-day fall in four years, the Sensex had taken a 330-point drubbing on Friday. On that day, SEBI held a special surveillance meeting to take stock of the market movements, particularly the sharp decline on the last trading day of the week.

SEBI officials said the meeting was routine and such stock-taking took place whenever the markets witnessed sharp movements.


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