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With markets on a bull run ahead of the counting of votes on May 16, finance minister P. Chidambaram on Tuesday asked financial sector regulators to remain watchful and take necessary actions to curb excessive volatility.
“The finance minister called upon the regulators and the ministry of finance to be in a state of readiness and take necessary action if the situation so warrants,” said an official release after a meeting of the Financial Stability and Development Council.
Emerging from the meeting, Reserve Bank of India governor Raghuram Rajan said the central bank is prepared to deal with any kind of eventuality that may occur over next few days. Sebi chairman UK Sinha also said that all regulations are in place to control excessive volatility.