Cse All Set To Implement First Phase Of Stockwatch
The Calcutta Stock Exchange (CSE) is all set to implement the first phase of the 'stockwatch' system as per the Securities & Exchange Board of India directive in a bid to beef up its surveillance system.
According to CSE top brass, the newly constituted governing board yesterday approved the purchase of a specialised surveillance package to be run on a separate server to monitor the market on a real time basis.
"The specialised surveillance package will be purchased from a Hyderabad-based software company", he added. The features included in this package not only covers most of the requirements of the stock watch system as per the Sebi diktat, but also have several additional features for monitoring market related risks, stated an official communiqu,.
The newly constituted board met for the first time under the presidentship of Kamal Parekh here yesterday. Vijay Ranjan, Securities & Exchange Board of India nominee, could not attend the meeting.
The committee also decided that the residual database of 3960 scrips, that is stocks which are not in the C-STAR scrip master file but are included in BOLT, should be included as permitted securities in the C-STAR system.
"This will facilitate reporting of such transaction as cross deals in the C-STAR system with reference to trades done on BOLT as part of conditions laid down by Sebi for such type of transactions", the release added.
Besides, the committee also considered matters such as new application for listing, functioning of the investor services and bad delivery cells of the exchange as well as the working of the surveillance department. In November last year, Sebi had asked the country's major bourses to implement the first phase of the Stock Watch surveillance systems comprising alerts being thrown up based on certain critical parameters and of putting in place the required database for the purpose.
The database also consisted of information relating to trading, issuer companies and member of the stock exchanges concerned.
The move to implement the advanced Stock Watch systems was based on the recommendations of a core group set up by the markets regulator to put in place the stockwatch system in Indian markets and bring world-class surveillance systems in India. Inspired by the American market surveillance, the home grown Indian Stock Watch was devised in keeping with the Indian market conditions.