Mumbai: The Securities and Exchange Board of India (SEBI) on Monday said that “unusual price movement in the stocks of a business conglomerate” has been observed during the past week and claimed that it is committed to ensuring market integrity.
SEBI said that the Indian financial market as represented by Sensex and Nifty has demonstrated ongoing stability and is continuing to function in a transparent, fair and efficient manner.
SEBI said on a longer-term basis also, Indian markets have been viewed positively by investors. The statement further added “As part of its mandate, SEBI seeks to maintain the orderly and efficient functioning of the market and has put in place a set of well-defined, publicly available surveillance measures (including the ASM framework) to address excessive volatility in specific stocks. This mechanism gets automatically triggered under certain conditions of price volatility in any stock,”.
SEBI further added that “SEBI has consistently followed this approach on entity-level issues and would continue to do so in future as well. SEBI is committed to ensuring market integrity and to ensuring that the markets continue to have the appropriate structural strength to function in an uninterrupted, transparent and efficient manner as has been the case so far,”.
Adani group stocks had witnessed a crash following the Hindenburg Research report. The Reserve Bank of India had said on Friday that according to its current assessment, the banking sector remains resilient and stable. The central bank had said it maintains a constant vigil on the sector and on individual banks with a view to maintain financial stability.
(With Agency Inputs)
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