a small message from me, in response to this report ...
Dear Mr Sinha - your "sternness" is impressive, to say the least. And though I am not a market operator, I was scared stiff.
But, a nanosecond later it dawned on me that your reaction to an event in NYC is misplaced here because manipulation in India does not need the support of HFT or technology of any type. The reason is that jugaad flows in our bloodstream and there is not much use of external assistance. Yes, we need these things to happen so we can get ideas, light our 'dimag ki batti' and pirate them in our own way.
Anyway the original reason for writing to you was to ask you to please first make your mandatory orders mandatory! I mean that a certain IT audit is mandatory but how mandatory it is needs to be seen to be believed. So, if a technical glitch happens how will u know whodiddit - was it the sophisticated algo or the medieval system which gets a mandatory green signal yearly and can be a carrier of drugs or anthrax - drugs to give the exchange a high or anthrax to kill it.
And while we are talking how about a directive for disclosure - yeh to theek hai, I mean scolding and caning the algo users, but what about the hundreds of companies that spend (or blow up) lakhs to deal with data breaches and cyber attacks ... and never say a word about this to their shareholders or to the exchanges.
Sir, in conclusion, I would like to share a recent finding - a majority of humans suffer from technophobia which causes hyper-reactions in the form of controls, penalties and useless continuous monitoring. Other side effects are heightened security threat perception and growth of personal ego to the extent of getting hallucinations of being God's gift to national security.
I don't know why I mentioned this but it just seemed interesting to share with you in the context of my letter (or out of, I mean, how does it matter) .
It's Saturday.. enjoy your weekend, Sir, we shall all forget the diatribe as Monday dawns.
Best wishes for algo-free health!
Labels: cybersecurity, india, India - Policies and Guidelines, SEBI