BSE offers a platform to whistleblowers

New offering includes a toll-free number for whistleblowers; a similar platform is available on NSE

The BSE has launched a platform for whistleblowers to provide information on wrongdoings without disclosing their identity, through a link on the bourse's web page.

"For any concern related to market manipulation, market abuse, market irregularity, suspicious trading, insider, fraud, violation, rigging, etc, submit the information anonymously and confidentially," said a note on the exchange's home page.

A similar platform is also available on the National Stock Exchange.

The BSE's new offering includes a toll-free number for whistleblowers. Experts say telephone numbers are preferred due to more anonymity through this route, adding there is fear that tracking the source through web-based information might be relatively easy.

Globally, various securities markets have whistleblowing programmes. The US Securities and Exchange Commission (SEC)'s whistleblowing mechanism has received responses from 55 foreign countries, with tip-offs running into thousands. In 2013, India ranked fifth on a list of foreign countries providing the most tip-offs to the SEC. The SEC platform also offers a reward for successful prosecution.

The Nigerian Stock Exchange, too, has a whistleblower platform called 'X-Whistle'.