A new institutional mechanism to check market abuse is expected to relax certain compliance rules for fund managers starting next month, including the requirement to record or hold face-to-face meetings during market hours.
However, phone call recording will still be mandatory. Sources say the changes may not apply evenly across the board, as some fund houses could choose to stick with tighter controls.
Introduced last August, the institutional mechanism shifts the onus of detecting and preventing market abuse onto asset management companies (AMCs) and their senior leadership.
AMCs will now need to implement alert-based surveillance systems that scan e-mails, chats, access logs and even closed-circuit television footage to detect suspicious activity.
-- Samie Modak, Abhishek Kumar, Business Standard
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