BUSINESS

India could become benchmark for capital markets — SEBI

NEW DELHI MAY 22. The Securities and Exchange Board of India today said India could soon become the "benchmark'' for the capital markets elsewhere in the world because of its several far-reaching reforms, especially on risk management.

"India is now fast moving towards being the benchmark in the international arena in capital markets,'' the SEBI Chairman, G. N. Bajpai, said here addressing a seminar on `Securities laws and capital market — the road ahead,' organised by the Institute of Company Secretaries of India. Citing specifically the market risk management adopted by the country, he said the markets were monitored daily on a real time basis, which was not in existence even in developed markets, including the U.S. and the U.K., where it was monitored twice or thrice a day. Mr. Bajpai said within the last one year, SEBI had taken many "stupendous'' reforms, including dematerialisation, investor protection norms, move toward T+1 settlement and CLA (Central Listing Authority), for which the notification would be issued soon. Highlighting that the markets were dynamic and so were the legislations needed, he said there was a need to phase out the obsolete legislations, which were not in tune with the present day requirements. If legislations keep evolving and follow the development, Mr. Bajpai said, they would be less intrusive yet more effective.

PTI

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