Setting an ambitious agenda for this fiscal, the Securities and Exchange Board of India (SEBI) has announced it will put in place stringent norms for high frequency trades along with higher penalties for misuse, initiate strong action against auditors for lapses and expressed hope that P-Note users will start directly investing in the Indian market. The watchdog also plans to seek delisting of over 4,200 listed companies whose shares are not being traded, apart from having an online platform for sale and purchase of mutual funds.As part of efforts to further strengthen the domestic markets and protect investor interests, Sebi eyes more strong regulations for credit rating agencies that among others will require such entities to disclose reasons for their actions. Concerned over misuse of the high-frequency or algo trade, Sebi Chairman U K Sinha said a strong set of norms will be in place in 3-4 months to ensure fair opportunity for trading entities. He added that is not only about misuse of algo trade and co-location facilities, but also about fairness, and Sebi is trying to address the issue. The regulator will soon be floating a discussion paper in this regard.To weed out shares that are not being actively traded, Sebi will push for delisting of more than over 4,200 listed companies while promoters refusing to provide an exit opportunity to investors will face strict penal action. In addition, Sebi has warned of stringent action against auditors who turn a blind eye to lapses in financial accounts of listed firms. Setting out Sebi's agenda for the current fiscal, Sinha emphasised that delisting of these companies is one of the key focus areas.Close on the heels of making norms stricter for Participatory Notes (P-Notes), Sinha ruled out any concession for hedge funds with riskier profile in Indian markets.