SEBI rules out quick changes in error trade annulment rules
A week after the worst crash of the NSE, markets regulator SEBI on Friday said that changes in the rules governing trade annulment in the event of massive erroneous trades will take some time as it does not want to rush with modifications in the existing risk management system. ‘It [the rules on annulment of trades] will take some time because we want to be very cautious in whatever new structures we place. Our risk management mechanism, put in place in 2000, has by and large withstood the test of time. ‘We don’t want to tinker with it in a hurry,’ SEBI chairman Upendra Kumar Sinha told reporters on the sidelines of a capital markets summit [Capam] organised by FICCI. However, the chairman said SEBI has set up a group to look into the issue.