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Markets regulator Sebi has reorganised the committee that advises it on matters related to secondary market, including suggesting steps to improve market safety, efficiency and transparency. The Secondary Market Advisory Committee is chaired by IIM Ahmedabad Professor and former whole-time member of Sebi, Jayanth R Varma. Besides Varma, the expert panel consists of 19 members, including top executives of nation's leading bourses - NSE, BSE and Metropolitan Stock Exchange of India Ltd (MSEI) - as well as government representatives. Members of the committee include BSE's Ashish Kumar Chauhan, NSE's Chitra Ramakrishna, and MSEI's Udai Kumar.
All of them are Managing Directors and CEOs of their respective stock exchanges. Managing Director of ICICI Securities Anup Bagchhi and Kotak Mahindra Bank Joint MD Dipak Gupta are also members of the committee. Apart from them, Rose Mary K Abraham from Department of Economic Affairs, Ministry of Finance, and some Sebi officials are also part of the panel. The committee is mandated to review the developments in secondary market, recommend measures for changes and improvements in market structure in view of the impending changes, look into investor protection measures in the stock exchanges and suggest improvements. Moreover, the expert panel also suggests Sebi on measures for reducing the transaction costs, changes if required in the risk management and regulatory framework in secondary market, among others.