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    <title>Short selling and securities lending and borrowing</title>
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    <description>All classes of investors are permitted to short sell subject to a specified operational framework, and a comprehensive securities lending and borrowing scheme is mandated to enable settlement of such short sales under the existing Securities Lending Scheme. Stock exchanges must issue guidelines, operationalise trading and settlement systems, apply surveillance and risk containment measures, and depositories must distinguish SLB transactions from normal demat trades. Exchanges and depositories must test systems, amend bye-laws, notify market participants, and report implementation status to the regulator.</description>
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      <description>All classes of investors are permitted to short sell subject to a specified operational framework, and a comprehensive securities lending and borrowing scheme is mandated to enable settlement of such short sales under the existing Securities Lending Scheme. Stock exchanges must issue guidelines, operationalise trading and settlement systems, apply surveillance and risk containment measures, and depositories must distinguish SLB transactions from normal demat trades. Exchanges and depositories must test systems, amend bye-laws, notify market participants, and report implementation status to the regulator.</description>
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