Sebi chief rules out banning weekly expiries
The regulator also justified the interim order issued against the Jane Street saying the regulator has all the powers to act against manipulative and fraudulent activities, and the interim order speaks for itself. Pandey further said Sebi will continue tightening surveillance on the derivatives market but ruled out curbing weekly index expiries at this stage. In his first comment on the matter, Pandey had last Saturday said the Jane Street scam was an issue of surveillance and that as the regulator it will not allow anyone to manipulate the market.
The Sebi had last week barred US-based quant firm Jane Street from local markets for alleged manipulation of index levels and also ordered it disgorge Rs 4,843.5 crore of illicit gains.
Pandey said, 'Sebi is focused on retail investor protection" and surveillance is tightened on both Sebi and exchange level, adding that the regulator was "working towards upgrading its surveillance tools.' Talking to reporters on the sidelines of a function at the NSE on Monday, he also said Sebi does not see 'many other risks' like the manipulations done by Jane Street.
'I don't think there are very many other risks," he said, replying to a specific question on whether there are other funds or investors who may have manipulated the markets in a similar way.
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