New Delhi, Feb 10 (IANS): Reserve Bank of India (RBI) Governor Urjit Patel on Saturday said the apex bank and the market regulator Securities and Exchange Board of India (SEBI) need to be cognisant of the equity market volatility for risk assessement.

"In the last few days, there has already been a correction, not only globally but in India. Therefore in a way it underscores how capital markets can change direction. So far neither globally nor in India, (it has) been felt that this bubble could lead to a very major problem," Patel told reporters here.

He added: "However, as financial market regulators, both the RBI and SEBI need to be cognisant of the risks going forward. The correction in the last few days underscores that these things can move pretty quickly."

Patel was addressing media along with Finance Minister Arun Jaitley.

Between February 1-9, the BSE Sensex had shed around 1,900 points. The other index, NSE Nifty shed over 500 points during the same period.

"I think the good thing in this cycle of high equity prices is that almost everyone who has been part of this, has talked about the possibility that this can't go on for long and I think that is good so that there is enough risk aversion that is endogenously built up by the investors themselves," Patel added.