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Sebi enhances surveillance for forex manipulators

Jul 21 2013, 14:36 IST
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SummarySebi has asked the exchanges to enhance their surveillance for any unauthorised trading.

cent of their overall exposure, or USD 50 million, whichever is lower.

For clients, this cap would be 6 per cent, or USD 10 million, whichever is lower. The current exposure limits for brokers and clients are the higher amounts of 15 per cent of their overall exposure or USD 50 million, and 6 per cent or USD 10 million, respectively. The regulator also suspects that brokers and traders might be indulging in unauthorised trading of foreign exchange in the spot forex market, sources said, while adding that these issues are being flagged to the Reserve Bank. The brokers are luring gullible investors to place bets on currency pairs on promises that rupee is going to touch even lower levels. Meanwhile, volumes in currency derivatives market have fallen sharply since Sebi and RBI stepped in to curb speculative trades. However, the data shows that the fall in volumes is not similar for different exchanges and the decline in volumes at one of the bourses is less compared to the others.

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