DIVISION CHIEF
SECONDARY MARKET DEPARTMENT

SMD(N)/CIR/8371/95
12TH January 1995

To,

The Presidents/Executive Directors
all the stock exchanges.

Dear Sir,

Monitor and track net sales position

The prices on the stock exchanges in the country have been going down for sometime now and there has been a drop in the various indices. In these circumstances, the stock exchanges should

Ensure that open net sales positions are monitored. The stock exchanges should identify and track brokers with large net sales positions in the highly traded scrips. The exchanges may require brokers with large sales positions to show evidence of delivery or make ad-hoc margin payments.

Take such other regulatory measures under the powers vested in them that would reduce the risk in the market especially pertaining to short sales by members.

The exchanges, should keep SEBI informed of the steps that they have taken in this regard.

Yours faithfully,
sd/-
RAJIV NABAR

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