The Financial Supervisory Service(FSS) said on Monday that it plans to establish a centralized monitoring system to detect illegal short selling by March of next year. 

The financial regulator unveiled the plan during a third round of public debates with individual investors, saying that it plans to reduce the amount of time needed to develop the system to within ten months, aiming to have it ready by March next year. 

The FSS said that a considerable amount of time is required to develop a new centralized short selling monitoring system and an effective algorithm to detect illegal short selling at the same time. 

Last November, the government temporarily banned short selling until June this year, but the ban is expected to be extended as an appropriate monitoring system has yet to be established. 

Last month, the presidential office reaffirmed that the ban will only be lifted when the monitoring system is firmly established.