SEBI readying stock crash protection measures

MUMBAI Fri Nov 23, 2012 11:08am IST

People walk pass the Bombay Stock Exchange (BSE) building displaying India's benchmark share index on its facade, in Mumbai September 30, 2009. REUTERS/Punit Paranjpe/Files

People walk pass the Bombay Stock Exchange (BSE) building displaying India's benchmark share index on its facade, in Mumbai September 30, 2009.

Credit: Reuters/Punit Paranjpe/Files

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MUMBAI (Reuters) - The Securities and Exchange Board of India (SEBI) will soon announce measures to protect investors against stock crashes after a set of erroneous orders from Emkay Global sent shares tumbling last month, SEBI chairman U.K. Sinha said on Friday.

SEBI has been working on measures after misplaced orders worth more than $125 milion sent the broader NSE index .NSEI falling as much as 15.5 percent in October, before trading was halted for around 15 minutes.

"We are going to take some measures so that there is some pre-check in orders, pricing and there are some other checks also introduced," as the market regulator looks to avoid similar incidents, Sinha said.

Sinha did not give further specifics or say when the measures would be introduced.

(Reporting by Abhishek Vishnoi and Rafael Nam; Editing by Sunil Nair)

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