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| Panel to review ownwership of market intermediaries |
| BS Reporter / Mumbai Feb 09, 2010, 00:40 IST |
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The Securities and Exchange Board of India (Sebi) has constituted a committee under the chairmanship of former Reserve Bank of India governor Bimal Jalan to review issues related to ownership and governance of market infrastructure institutions. Stock exchanges, trading platforms, clearing and settlement systems, payment systems, depositories, registrars and other market intermediaries will come under the review.
“The committee will look into the ownership pattern of depositories and clearing corporations,” said Sebi Chairman CB Bhave after releasing the book, “Glimpses of Indian Stock Markets”, by MR Mayya, former executive director of the Bombay Stock Exchange.
“These institutions are increasingly called upon to undertake regulation and supervision of the markets while simultaneously pursuing commercial objectives. The Sebi board had considered the issues with regard to the emerging market microstructure and the evolving role of market infrastructure institutions, which call for a review of their ownership and governance structure to ensure that they remain relevant and effective,” Sebi said in a release today.
The other members of the committee are KP Krishnan, joint secretary, Ministry of Finance, Kishor Chaukar, MD, Tata Industries, Uday Kotak, MD, Kotak Mahindra Bank,. G Sethu, officer on special duty, National Institute of Securities Markets (NISM), KM Abraham, whole time member, Sebi and JN Gupta, executive director, Sebi (member secretary).
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