Calcutta, Sept. 25 :     The Federation of Indian Stock Exchanges (Fise) has suggested a 15-minute ?cooling off? period for volatile scrips in place of the rigid price bands under the existing circuit filter system that automatically freeze transactions for the day once the scrips hit these pre-set limits.This will ensure easy entry and exit of investors. The proposal is for a ?cooling-off period? of 15 minutes for any abnormal rise or fall in a scrip ? the suggested limit is 10 per cent either way. A rider suggested is that trading should be allowed after imposing a higher (lesser in the case of a declining market) margin on the volatile scrip. Talking to the reporters after the third annual general meeting of Fise here today, Inter Connected Stock Exchange (ICSE) chairman M.R. Mayya said the proposed mechanism will ensure continuation of market operation. He said the existing system, which automatically freezes trading of share for fluctuations of over 8 per cent either way, restrains a seller from exiting the market when the scrip is rising. Similarly, a buyer cannot enter the market when a scrip is falling. Citing the example of the capital markets in the United States where no price band is operative, Mayya said the Indian practice goes against the grain of free market theory by restraining entry and exit of investors. Price bands exist in the Asian-Pacific markets but these are so wide that they do not undermine investor interests, Mayya added. Kamal Parekh, former president of Fise, said instead of imposing margins on both buyers and sellers in a volatile market, they should be imposed on buyers in a rising market and sellers in a falling market. The existing practice is counter productive.? The AGM decided to constitute a task force to draw up a blue print for the introduction of derivatives and continuation of the weekly badla system. The Fise executive committee for 1999-2000 was constituted today. Delhi stock exchange president Ashok Agrawal and Bangalore bourse chief Pankaj Shah have been elected as chairman and vice-chairman of the federation respectively. CSE vice-president Suresh Jalan has been nominated as the honorary secretary.