In order to enhance the efficacy of the surveillance function, Securities and Exchange Board of India (SEBI), has today signed an agreement with a consortium of HCL Technologies Limited and Securities Markets Automated Research Training and Surveillance (SMARTS) PTY. Ltd., Australia for the implementation of a comprehensive Integrated Market Surveillance System (IMSS) for monitoring the market activities, across various stock exchanges and market segments (including both equities and derivatives), in India.
The System envisages integration of data available from Stock Exchanges (cash and derivatives segments), Clearing Corporation and Depositories into a single Integrated Market Surveillance System. The IMSS is expected to generate alerts that will help SEBI to identify and detect serious market violations such as market manipulations, insider trading and other types of frauds that undermine market integrity.
The proposed IMSS solution is expected to be operational by March 2006.