The Securities and Exchange Board of India's (Sebi) attempt to improve how the country's stock market functions by altering how closing prices are determined has led to spasms of volatility. The new formula has its merits, but wasn’t it tested out in advance?
A Sebi-directed change in how each day’s closing prices of cash-market stocks are calculated—from the earlier method of volume-weighted average prices of trades done in the last 30 minutes of trading to a ‘closing auction session’—has unwittingly spa... [3339 chars]
Source: Livemint
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