Explain On-line surveillance.

One of the most important tools of surveillance is the on-line Real Time Surveillance system which was commissioned in 1999 with main objectives of detecting potential market abuses at a nascent stage to reduce the ability of the market participants to unduly influence the price and volumes of the scrips traded at the Exchange, improve the risk management system and strengthen the self-regulatory mechanism at the exchange. System also provides facility to access trades and orders of members. The system has a facility to generate the alerts on-line, in real time, based on certain preset parameters like price and volume variations in scrips. An Alert occurs in the Surveillance system when a metric behaves significantly differently from its benchmark. The alerts generated by the system are analyzed and corrective action based on preliminary investigations is taken in such cases.