Whalesbook
So, ye jo naya Securities Markets Code Bill, 2025 hai na, isne saare purane finance rules ko ek hi framework mein consolidate kar diya hai. Isse SEBI ka kaam aasan hoga aur unki enforcement power bhi badhegi.
Par bhai, sabse bada issue yeh hai ki Code mein 'market abuse' ki clear definition nahi hai, khaas kar ke jab bade players complex trading strategies use karte hain. Yeh differentiate karna mushkil ho raha hai ki koi legitimate arbitrage kar raha hai ya market ko manipulate.
Isi gap ko highlight karta hai Jane Street wala case. US ki yeh firm Bank Nifty mein trade kar rahi thi aur SEBI ka kehna hai ki unhone ₹4,843.57 Crore galat tareeke se kamaye. Jane Street ka kehna hai ki woh toh bas standard index arbitrage aur hedging kar rahe the jisse market mein liquidity bani rehti hai.
Ab yeh jo clarity ka lack hai, isse global institutional investors aur Indian corporates ke liye operational risk bahut badh gaya hai. Rules seedhe-seedhe nahi batate ki kya galat hai, isliye regulatory clarity dheere-dheere court decisions se hi niklegi.
SEBI bhi 1990s se ab tak kaafi develop ho chuka hai. Naya Code SEBI Act, 1992 jaisi laws ko consolidate karta hai. SEBI algorithm trading ko control karne aur retail participation ko secure karne mein laga hai. Margin badha kar speculation rokne ki koshish bhi ho rahi hai. Goal hai foreign capital attract karna, par enforcement bhi strict rakhna hai.
Bade participants ke liye sabse bada risk abhi interpretation ka hai. Jane Street case ka jo verdict aayega Securities Appellate Tribunal (SAT) se, woh shayad market abuse standard ko refine karega. India ka framework abhi bhi develop ho raha hai, badi markets ki tarah established principles nahi hain. Is uncertainty se India ki attractiveness kam ho sakti hai global capital ke liye.
Asal mein, jo 'market abuse' ka actual matlab hai, woh abhi court cases se hi decide hoga. SEBI bhi baad mein aur guidelines laayega. Investors ko apne economic rationale aur hedging strategies ke detailed records rakhne honge. Code mein 8-year ka limitation period hai, par systemic impact ke exceptions bhi hain. Yeh sab process lamba chal sakta hai.