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Updated: August 22, 2009 02:36 IST

Interest rate derivatives soon: SEBI chief

Special Correspondent
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C.B. Bhave, Chairman of Securities and Exchange Board of India, presents the merit award to a student during the convocation for 5th batch of IPGDI and IPGDRM students in Hyderabad on Friday. Photo: Nagara Gopal
C.B. Bhave, Chairman of Securities and Exchange Board of India, presents the merit award to a student during the convocation for 5th batch of IPGDI and IPGDRM students in Hyderabad on Friday. Photo: Nagara Gopal

Securities and Exchange Board of India (SEBI) Chairman C. B. Bhave on Friday said the capital market regulator was looking into the possibility of starting exchange traded interest rate derivatives. He said the process was in an advanced stage of finalisation and some concrete results were expected in a couple of months.

Talking to reporters here, Mr. Bhave said SEBI ultimately wanted to reduce the time for listing the initial public offerings (IPOs) to a week. He said the main difficulty in reducing the period between the end of an issue and the day of listing was that lot of applications along with cheques would have to be processed and physically cleared. He said that it was likely to be implemented in a year’s time.

To a question, he said that the Insurance Regulatory and Development Authority (IRDA) and SEBI were working out the requirements for insurance companies to be listed. He said there was no harm in extending trading time for stock exchanges. SEBI had asked the exchanges to form a committee as several issues needed to be looked into.

On Satyam Computer Services, he said three to four actions were already taken. The Government and the SEBI made sure the company’s management was changed which took care of employees and clients. The issue of fraud was being probed by SEBI, CBI and Serious Fraud Investigation Office (SFIO). He said that SEBI had issued show cause notices and declined to comment as quasi-judicial process was on.

After SEBI made it mandatory for disclosure of pledged shares, 500 companies have disclosed, he added.

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