Mumbai: Securities and Exchange Board of India (SEBI) continues to be on high alert and has asked the stock exchanges to "remain extraordinarily watchful of any unusual movements" following the intense volatility in the capital market, which saw the BSE index slid by a record 600 points in the trading week ended May 14.

"The stock exchanges have to report any unusual movements immediately to SEBI, in addition to taking action themselves," the market watchdog said in a release today (May 16, 2004).

Referring to the market movements and a fall of 329.6 points on May 14, the regulator held a special surveillance meeting on May 14 to take stock of market movements and of sharp decline on last trading day of the week in particular.

SEBI has called for data from the exchanges on May 14 for analysis and examination and would take stern action against any individual or entity if found indulging in market misconduct and breaching the ground rules, it said.

"The market watchdog remains fully committed to protecting the interests of the investors and integrity of the markets," it added.

In the worst-ever week in the history of bourses, the BSE Sensex plunged by a record 600 points wiping out over Rs 1,72,800 crore of shareholder wealth in five trading sessions as investors pressed sell button in reaction to political developments at the Centre.