Securities and Exchange Board of India, SEBI has proposed a strict oversight mechanism for brokers and other market intermediaries to cover the risks posed by their business activities on investors and the overall market. The regulator has also asked various stock exchanges to establish an "information sharing mechanism" among themselves for exchange of inspection results of their respective member brokers. SEBI gave this information in a circular issued in Mumbai yesterday. The proposed moves are aimed at tackling any possible systemic risks posed by individual conduct business irregularities at any of the market entities. SEBI and the Stock Exchanges will formulate a policy for annual inspection of their members in various segments and follow up action. The policy shall also cover various kinds of risks posed to the investors and market at large.