By Shani Raja
Sept. 24 (Bloomberg) -- ASX Ltd., which runs Australia's stock exchange, said criticism of its supervisory role amid the market's decline this year has been ``mischievous, misinformed, and/or just plain wrong.''
``We can appreciate people's frustration and anger at steep falls in asset prices,'' said ASX Chairman Maurice Newman at the company's annual general meeting in Sydney. ``Some of the sweeping statements laying unwarranted blame at ASX's or ASIC's door are simplistic in the extreme and in most cases simply wrong.''
RiskMetrics Group, a corporate governance consultancy, this month accused ASX of failing to deal effectively in curbing activities such as insider dealing and short selling. ASX assumed its supervisory role over the nation's stock market in 1987, when the company was formed. It maintained that responsibility even after listing on the stock exchange itself in 1998.
Its own conduct has since been overseen by the Australian Securities & Investments Commission. Short selling was partly blamed for last week's stock-market rout, which plunged Australia's benchmark index to near a three-year low.
To contact the reporter on this story: Shani Raja in Sydney at sraja4@bloomberg.net.
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