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SEBI seeks mechanism to prevent market misuse

Sebi on Wednesday called on the stock exchanges, clearing corporations and depositories to put in place a code of conduct and institutional mechanism to prevent fraud or misuse of the market by them and the persons named by them.

Under this, the Managing Director (MD) or Chief Executive Officer (CEO) of market infrastructure institutions (MII) will be obliged to outline a code of conduct and put in place an institutional mechanism. In addition, the Board of is required to ensure compliance by the MD / CEO in this regard. MII must formulate a Code of Conduct to regulate, monitor and report on trade by its nominees and immediate persons to achieve compliance with the prohibition of Insider Trading Regulations.

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