The committee was also said to have explored the possibilities in terms of margins on short sales and an overall margin system. "Considering the US markets where the `down tick rule' is implemented, and short-sellers are restricted from going short on the market especially when the market is moving in the southward direction, some of the members proposed that such a measure needs to be implemented in the Indian market as well," explained a committee member.

However, differences of opinion in this regard and discussions on various issues regarding rules on short sales left the meeting unconcluded. The Sebi appointed Inter exchange surveillance committee is likely to meet onJune 25.