Mumbai: Market regulator Securities and Exchange Board of India (SEBI) today (May 18, 2004) asserted that Indian financial markets were safe for investing and there was no payment crisis on the bourses.

"We held a meeting this morning to review settlement problem and risk management. To our mind, there is no problem in settlement," SEBI chairman G N Bajpai said.

SEBI also ruled out operation of any bear cartel in the fall of the Sensex yesterday.

"Our data does not state any market misconduct. If anyone is found guilty (of market misconduct), we will take action," he said.

"Indian financial markets are very safe for investors," he said.