PM, FM for financial sector reform: CNBC
06 October 2006
regulator SEBI has moved its headquarters from South
Mumbai's Nariman Point to Bandra Kurla Complex. Prime
minister, Dr Manmohan Singh and finance minister P Chidambaram
inaugurated the new premises called 'SEBI Bhavan' today.
on the occasion, the prime minister said that the SEBI
Act would be amended soon to set up an investor protection
He further added that the debt market has not delivered as per expectations and that policy steps are needed to deepen debt markets.
Singh also said that reforms in the financial sector
are needed. He is hopeful of a consensus on financial
sector reforms in the long run.
also added that financial markets need to be more competitive
and global. Also, he feels there is a need for a much
larger insurance sector with a larger cap base and diverse
minister, P Chidambaram, said that all market participants
should be members of a statutory regulatory organisation
or SROs and also emphasised the need for SEBI to widen
retail investor participation.
think it will be desirable to mandate SROs for all kind
of market participants and the market participant should
be registered by SEBI only if it is a member of an SRO,
just as a stock broker is registered
only if he is a member of a stock exchange. I think
it is therefore important that SEBI addresses the issue
of intermediaries and SROs," said P Chidambaram.