MUMBAI : Stock brokers who provide algorithmic based trading facilities offered by unregulated platforms have been warned by market regulator Sebi to remove any content referring to past or future performance of such an algorithm by September 9 .
This is to dissuade mis-selling to investors and to protect their interests . “It has come to the notice of Sebi that some unregulated platforms are offering algorithmic services / strategies to investors for automated execution of trades . Such services and strategies are being marketed with “claims” with high returns on investment.
“Further, “ratings” have been assigned to the strategies which could lead investors being lured by such claims . This may amount to mis-selling of such services and strategies to investors,” said the Sebi circular dated September 2 .
Sebi has warned brokers offering algorithmic trading not to make any direct or indirect reference to past or expected future returns . It has directed stock exchanges to amend their byelaws rules and regulations for implementation of SEBI’s provisions in this regard .
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