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ASBA for secondary market in the works: Sebi chairperson Madhabi Puri Buch

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Regulator not against algo trading but businesses 'cannot be a black box', she saysMadhabi Puri Buch

The Securities and Exchange Board of India (Sebi) is considering an ASBA-like structure for the secondary market, said the regulator’s chairperson, Madhabi Puri Buch, on Wednesday, referring to an application process for IPOs.

With Application Supported by Blocked Amount, money from an applicant's account is deducted on allocation of . The process facilitates investors bidding with multiple options to apply through self-certified syndicate banks (SCSBs) where they have accounts.

An instrument for the secondary market will remove structural vulnerabilities, said Buch at the Global  Fest in Mumbai.

 is not against algo trading, but certain principles must be followed to makes the process transparent. ”If algos claim they can deliver 350 per cent return, they must be able to simulate it in an independent arrangement so that  can validate. It cannot be a black box not open to sunlight to sanitise it."

Elaborating on how the  is working to narrow down the regulatory gap, Buch shared principles that could help  entities get regulatory go ahead.

Buch said financial technology companies (fintech) must not play on anonymity and nor they build barriers for investors or customers, she said.

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