SEBI chief urges independent directors to speak up

Mumbai: Securities and Exchange Board of India (SEBI) chairman G N Bajpai has urged independent directors to exercise their authority in asking for information from the management.

Speaking to reporters on the sidelines of a capital markets seminar organised jointly by SEBI and the Institute of Chartered Financial Analysts (ICFAI), Bajpai said that it was up to the independent directors on the boards of companies to demand more information from the management.

Meanwhile, Bajpai also expressed concerns over the low level of growth in the debt market and said that he would focus on the development of the debt segment of the capital market in this year and the next.

Both segments, equity and debt, are crucial for the development of entire markets and the growth of debt segment was an area of focus for the market regulator, he said.

Bajpai also pointed during his speech at the seminar that market integrity was especially important, since foreign fund managers had invested heavily in India.

"Global fund managers who are looking for higher returns, have made large investments in India," he said, adding they would remain as long as they find positive returns.