Expanding
its surveillance mechanism to catch market manipulators and
fraudsters early, watchdog Sebi has put in place a new
alert-generation system to detect possible wrongdoings by the traders
and their group entities with significant exposure to any particular
stock. This new system has been linked to recently implemented
mandatory disclosure of any holding of one per cent or more in a
single stock by a trading member, individually or through group
entities. All alert-generating systems, including this latest one,
are resulting into 50-100 alerts in a day, on an average, while their
numbers rise even further on certain days when markets see
significant movements or when some important policy developments or
market-moving incidents take place, sources said. However, the number
of cases where prima facie some violations are eventually found after
further inspections and investigations stand much lower, they added.
These alerts are analysed as and when they come on a round-the-clock
basis, including through automated systems, for further possible
inspections and eventually for necessary regulatory actions if some
wrongdoings are found. The official said that the new alert system
for brokers with significant exposure to stocks has been put in place
by the Integrated Surveillance Department (ISD) of the Securities and
Exchange Board of India (Sebi). The ISD also holds surveillance
meetings at regular intervals with the stock exchanges, clearing
corporations, as also with other market intermediaries as and when
required. Among others, the ISD receives information through media
scanning, Intelligence Bureau reports, online investor redressal
system SCORES, stock exchanges, suspicious transaction reports from
various entities, as also IMSS (Integrated Market Surveillance
System) and DWBIS (Data Warehousing and Business Intelligence System)
tools of the regulatory authority. Explaining the alert-generation
process, sources said that the information is aggregated across the
exchanges and analysed by dynamic system-based parameters and
pattern-recognising modules, which throw up alerts for first-level
processing. These first level alerts are further analysed by a
central processing team to filter out alerts for second-level
scrutiny. These alerts and the trading pattern in the related stocks
and of involved entities are then further taken up for a
comprehensive analysis by the stock exchanges and the ISD for
ascertaining any prima facie violations and for any immediate action.
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