SEBI Whole-Time Member Kamlesh Varshney on Saturday said the capital market regulator has completed the blueprint of a second surveillance system to identify "bad elements" among listed companies with a view to delist these firms, while also identifying small IPOs that could result in losses for retail investors, reported news agency PTI.

"While we have a surveillance system where, on the live data, we catch manipulators, SEBI has been doing very well in that. We have almost completed a blueprint of our second surveillance system, which will identify these bad elements in the capital market amongst the listed companies, so that they can be delisted," Varshney said.