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Sebi extends pre-open call auction to all companies shares on stock exchanges

Feb 15 2013, 15:58 IST
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In a call auction the buyers set a maximum price at which the shares can be bought. (Reuters) In a call auction the buyers set a maximum price at which the shares can be bought. (Reuters)
SummaryIn a call auction the buyers set a maximum price at which the shares can be bought.

exit of scrips.

According to the norms, periodic call auction have to be conducted for one hour each throughout the trading hours with the first session starting at 9:30 am.

regulator has fixed the the maximum price band of 20 per cent on the scrips.

However, exchanges may reduce the price bands uniformly based on surveillance related concerns, Sebi added.

The regulator said penalties could be imposed on trades where "maximum of buy price entered by a client is equal to or higher than the minimum sell price entered by that client and if the same results into trades".

"The penalty shall be calculated and charged by the exchange and collected from trading members on a daily basis," Sebi said.

As per the provisions, trading members may recover the penalty from clients.

"The penalty so collected shall be deposited to Investor Protection Fund," it said.

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