India's Securities and Exchange Board is calling for asset management companies to set up surveillance and internal control systems as part of measures against market abuse and fraudulent transactions. Among the proposals put forward by the regulator, AMCs were urged to customise their surveillance systems and internal controls. Sebi also wants senior managers to be responsible for making sure a system is in place to detect potential misconduct. The regulator's move follows two instances in which front-run deals saw Axis AMC and Life Insurance Corporation of India fall foul of Sebi.