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SEBI defers decision on badla

The Securities and Exchange Board of India on Friday once again deferred a decision on the contentious carry-forward trading, popularly known as badla in the Bombay Stock Exchange.

Addressing a press conference after the SEBI's board meeting in Madras, the first in South India, Chairman D R Mehta said the board decided to seek additional information on risk management system that needed to be strengthened before reviving badla.

As part of far reaching changes, Mehta also announced abolition of multiple categories of merchant bankers and tightened regulations for mutual funds.

There would be only one category of merchant bankers. Only body corporates would be allowed to function as merchant bankers, he added.