Don't link fall to US crisis: Sebi chief

Securities and Exchange Board of India chairman M Damodaran on Thursday said it is not proper to link the fall in the markets in India to the sub-prime mortgage crisis in the US.

"I think to relate movement of indices to one sector, specially when that is an external factor, would be over-simplification," Damodaran told reporters here responding to a query whether sub-prime crisis in US is affecting Indian markets.

There are several other explanations why markets were up or down, he added.

"I think it would be brave on anybody's part to say that he or she sees any casual relationship between any particular cause and the way markets have moved," Damodaran said on the sidelines of JRD Tata Memorial lecture here on Thursday.

"So long as there is no disorderly conduct in market, we don't worry that much about volatility," he added.

At the end of day share prices depend on how many people have bought or sold shares at what prices, the Sebi chairman said.

Earlier in his lecture, Demodaran said there was need to restrict the number of regulators and give them functional autonomy.

Damodaran is writing a book based on his experience, which he would publish after he remits office.