Speaking to media persons shortly after the meeting, the chairman of Sebi, DR Mehta explained that this measure has been resorted to curb companies from merely changing their names to suit their purpose.

The meeting had been called by Sebi to study the various risk containment measures implemented by the exchanges especially during the post budget scenario. According to Mehta, while BSE had collected a settlement margin of over Rs 550 margins (Rs 330 carry forward and Rs 90 crore of daily margins), the Delhi Stock Exchange has collected Rs 120 crore in the form of margins.

``There is no problem in terms of market safety, risk containment measures are inplace. Besides market safety, the integrity of the markets is also very important,'' said the senior executive director, incharge of investigation L K Singhvi.

The group has also decided to set up a committee comprising of representatives of stock exchanges of Mumbai, Delhi, Calcutta, Bangalore, Kanpur, Ahmedabad and the NSE. The committee has been appointed to suggest measures for streamlining of the margins implemented across the exchanges. ``Margins have evolved over a period of time. Some sort of rationalisation is required,'' explained Singhvi, in the light of the various margins which are already in place at the exchanges and which have also ensured the market safety.

``The various margins need to be streamlined. There are situations where margins are collected like the additional volatility margins, without adequate set offs. Without weakening the system we need to refine the whole system,'' he added.

Further, in order to strengthen the surveillance departments of the exchanges, Sebi has decidedto introduce a training module and a certification programme which would be conducted by leading bourses like BSE and NSE.

Also on the issue of sharing sensitive information between exchanges the group decided to form a committee of four exchanges and Sebi, to work out the modalities for sharing of information.