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RBI issues guidelines to prevent market abuse

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The Reserve Bank of India has come out with guidelines to prevent misuse of price-sensitive information by participants in markets for financial instruments.

The RBI said market participants, either acting independently or in collusion, shall not undertake any action with the intention to manipulate the calculation of a benchmark rate or a reference rate. The guidelines have become effective from yesterday.

About regulatory action on market abuse, the RBI said market participants who are indulging in any such activity are liable to be denied access to markets in one or more instruments for a period that may not exceed one month at a time. These directions would exclude transactions executed through the recognised stock exchanges and not apply to banks and the central government in furtherance of monetary policy, fiscal policy or other public policy objectives. (AIR)

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