Sebi panel moots more disclosure in market

A panel appointed by the Securities and Exchange Board of India (SEBI) has proposed enhanced disclosure in both the cash and derivatives seg...

A panel appointed by the Securities and Exchange Board of India (SEBI) has proposed enhanced disclosure in both the cash and derivatives segments of the stock market.

These disclosures pertain to member-wise trading activity and derivatives market positions, foreign institutional investors (FIIs) and stock watch alert of suspicious price movements.

It has also proposed to rope in the private sector for surveillance of the capital market. The advisory committee on derivatives and market risk management said that the surveillance activities of the private sector would complement similar functions carried out by public sector agencies and self regulatory organisations (SROs).

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The panel has proposed that the names of the top 10 brokers and trading members in terms of trading volumes in each security in cash and derivatives segment must be disclosed along with their proprietory trading volumes.

The information on both these disclosures must be disseminated to the market after a time lag of seven days, it stated.

FIIs now disclose their position in cash as well as derivatives on an aggregate basis. This is meaningful only if it is segregated and carried out at the sub-account level. An FII might be an investor of one type, but its sub-account might be a different type of investor.

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