"We understand there seems to be a problem in the IPO allocations. SEBI has taken corrective measures and if there are unscrupulous elements in the market, then we should support SEBI in order to protect the integrity of the market," Ramesh Damani BSE member said.

"As a result of the SEBI order, the market may cool off for sometime but I think it should pull ahead," he added.

Other experts welcomed the SEBI clarification that its order banned only proprietary trading by the implicated brokerage firms but not their clients.

"I think it (revised order) is a major relief for markets. The fact that clients can continue to trade is very positive. I think it is a practical decision taken by SEBI," BSE & NSE member Dipan Mehta said.

Investment advisor, SP Tulsian said had SEBI not revised its order, there would have been a total deadlock and all of the 4 lakh retail investors would have got jammed.

"It is a big relief, but it was expected because Sebi could not have done otherwise. It seems like this is a limited window they have opened and not for a day or two, but for the next 15 days," he said.

In these 15 days, all investors can take a call and evade any type of chaos and deadlock in the market. Hence, this is a good modification to the order and relief to the market, Tulsian added.

Prithvi Haldea of Prime Database said SEBI's order was not against the small investors but against defaulting intermediaries.

"The order is not against small investors, it is against the intermediaries, who are there, and investors should not be punished for something that they have not done," he said.

Deven Choksey of K R Choksey Securities lauded the SEBI order and said, "the regulator has been very clear that they are not interested in disturbing the investors and they are only interested in people who have been found guilty."