Highlights
- But Sebi wants brokers to do client-level surveillance so that it’s monitored at all three levels.
- Various shares have seen sharp slumps in recent months.
- Suzlon shares plunged 43 per cent on Feb 5, on debt default buzz.
Mumbai: Sebi has asked brokers to monitor if there are any suspicious orders by clients when there is intraday volatility due to any negative news flow.
The regulator has noticed high volatility in many stocks because of negative news flow coming in.
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“Sebi will be actively looking into intraday surveillance. On Tuesday, we had a meeting with stock exchanges to strengthen surveillance measures so that there is no manipulation in the name of bad news,” said a senior Sebi officil. “Surveillance is to keep up with the changing times. The onus is now on brokers to tell stock exchanges if they notice any suspicious order by their client or concentration of positions. We will take stringent action on clients if any manipulation is noticed,” the official said
The regulator has its own surveillance mechanism in addition to that of stock exchanges. But Sebi wants brokers to do client-level surveillance so that it’s monitored at all three levels. Various shares have seen sharp slumps in recent months. Suzlon shares plunged 43 % on Feb 5, on debt default buzz. Shares of Anil Dhirubhai Ambani Group (ADAG) companies plunged on Feb 4, with Reliance Communication tanking 48 % intraday to a record low of Rs 6, after the company said it would file for bankruptcy as its been unable to sell assets to repay debt
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