The Securities and Exchange Board of India (SEBI)
proposes to introduce Indian Depository Receipts (IDRs)
in the domestic capital market from next year. Some of
the biggest companies in the world will be filing for
IDRs in India in the next 12-18 months, SEBI chairman
M Damodaran said.
receipts would ensure that companies could raise funds
in a cost effective manner, Damodaran said. He was delivering
the ninth K P Hormis Memorial Lecture organised by the
Febbank K P Hormis Trust in Kochi.
said the SEBI had planned to set up a dedicated exchange
for small and medium enterprises (SMEs) and a training
institute for capital market personnel in Mumbai.
said the proposed institute would be set up on public-private
said there are over 950 registered foreign institutional
investors (FIIs) in India and "we will ensure that
our markets are open to FIIs".
opening Indian stock exchanges for foreign investment
would depend on government policy, he said, adding a decision
on this was awaited. The ownership structure of the stock
exchanges would be different in the coming few months,
said the regulator also was in the process of starting
a major investor campaign, which would be funded by the
Investment Protection Fund (IPF).