Mumbai: The Bombay Stock Exchange (BSE) has announced that its surveillance department has received the ISO 9001:2000 certification.

Speaking at the award presentation ceremony at the BSE Convention Hall, BSE chief executive officer and executive director Manoj Vaish said the BSE is the first stock exchange in Asia and the second in the world to acquire this certification. “By achieving the ISO 9001:2000 certification, BSE surveillance has demonstrated that its processes are of international standards. It has the capability to consistently provide services that meet the customer and applicable regulatory requirements.”

Rajnikanth Patel, director, surveillance and inspection, said the objective of the BSE’s surveillance department is to ensure market safety by minimising abuses through professional system-based monitoring and regulation. The department has a price monitoring cell, which detects potential market irregularities at a nascent stage for taking timely and appropriate surveillance actions.

He said the department’s position monitoring cell monitors members’ positions as a part of risk management functions to avert possible settlement-related payment defaults by members by taking corrective measures.

He added that the department’s investigations cell examines and analyses suspected market irregularities in a systematic and logical manner with a view to detect market abuses and accordingly take appropriate and timely actions.

Securities and Exchange Board of India chairman G N Bajpai was the guest of honour and he congratulated the BSE for achieving this distinguished certification. “Such proactive methods will go a long way in reducing market abuses and bring back investor confidence to the capital markets.”