BSE’s surveillance department acquires ISO certification
By Our Markets Bureau | 20 Feb 2003
Mumbai: The Bombay Stock Exchange (BSE) has announced that its surveillance department has received the ISO 9001:2000 certification.
Speaking at the award presentation ceremony at the BSE Convention Hall, BSE chief executive officer and executive director Manoj Vaish said the BSE is the first stock exchange in Asia and the second in the world to acquire this certification. “By achieving the ISO 9001:2000 certification, BSE surveillance has demonstrated that its processes are of international standards. It has the capability to consistently provide services that meet the customer and applicable regulatory requirements.”
Rajnikanth
Patel, director, surveillance and inspection, said the
objective of the BSE’s surveillance department is
to ensure market safety by minimising abuses through professional
system-based monitoring and regulation. The department
has a price monitoring cell, which detects potential market
irregularities at a nascent stage for taking timely and
appropriate surveillance actions.
He said the department’s position monitoring cell monitors members’ positions as a part of risk management functions to avert possible settlement-related payment defaults by members by taking corrective measures.
He added that the department’s investigations cell examines and analyses suspected market irregularities in a systematic and logical manner with a view to detect market abuses and accordingly take appropriate and timely actions.
Securities
and Exchange Board of India chairman G N Bajpai was the
guest of honour and he congratulated the BSE for achieving
this distinguished certification. “Such proactive
methods will go a long way in reducing market abuses and
bring back investor confidence to the capital markets.”