What Reference?

The Securities Trading Corporation of Idia (STCI) had last year announced that it will soon put out a reference call rate every day - just like the RBIs rupee/dollar reference rate. Well, the STCI did start putting out a reference call rate but does not serve the purpose as it is put out only at the end of the day - unlike the RBI which puts out its reference rate by mid day. And though the STCI claims that the rate is put out at around 2.30 pm, most market players are of the view that it is done much later.