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related exclusively to the capital market. Multiple categories of merchant bankers have been
abolished and there is only one entity, the merchant banker.
8) Besides merchant bankers, various other intermediaries such as mutual funds, portfolio
managers, registrars to an issue, share transfer agents, underwriters, debentures trustees, bankers
to an issue, custodian of securities, venture capital funds and issues have also been brought under
the purview of SEBI.
9) It is mandatory for listed companies to announce quarterly results. This enables investors to
keep a close track of the scrips in their portfolios. The declaration of quarterly results is in line
with the practice prevailing in the stock market in developed countries.
10) To check price manipulation mandatory client code and minimum floating stock for
continuous listing were stipulated in November 2001.
11) The government amended the Securities Contracts (Regulation) Rules, 1957 to standardize
listing requirements at stock exchanges.
12) A 99 per cent value at risk (VAR) based margin system for all scrips in rolling settlement was
introduced from July 2, 2001.
13) The central government has notified the establishment of the Investor Education and
Protection Fund (IEPF) with effect from October 1, 2001. The IEPF will be utilized for the
promotion of awareness amongst investors and protection of their interest.
14) The restriction on short sales announced in March 7, 2001 was withdrawn with effect from
July 2, 2001, as all deferral products stand banned after the date.