FM addresses Sebi; calls for timely implementation of Budget announcements

Finance Minister Nirmala Sitharaman on Wednesday appreciated the measures taken by Sebi, especially to deal with the COVID situation, and emphasised the need for timely implementation of announcements related to the capital market made in the Union Budget 2021-22.

The minister addressed the board of Sebi in the national capital on Wednesday for the first time after the presentation of the Budget on February 1.

Sebi Chairman Ajay Tyagi made a presentation on current market trends and challenges, measures taken in the wake of the pandemic, capital raising during this financial year and implementation road map for Sebi-related budget announcements, and corporate bond market development, the regulator said in a release.

Sitharaman appreciated Sebi's measures during the year, especially those relating to dealing with the COVID situation.

After the presentation of the Budget every year, it is customary for the finance minister to address the boards of Sebi and RBI.

In her budget speech, Sitharaman proposed to consolidate the provisions of Sebi Act, Depositories Act, Securities Contracts (Regulation) Act and Government Securities Act into a rationalised single securities markets code.

Among other announcements related to the capital markets, the minister had also proposed to introduce an investor charter as a right for all investors in all financial products.

Earlier on Wednesday, the finance ministry, in a tweet, said that Sitharaman addressed the board of Sebi and the ministry also tweeted photos of the meeting.

Minister of State for Finance Anurag Singh Thakur, Finance Secretary Ajay Bhushan Pandey, Economic Affairs Secretary Tarun Bajaj, RBI Deputy Governor M Rajeshwar Rao, corporate affairs ministry Joint Secretary K V R Murty and Indian Institute of Management, Bangalore, Professor V Ravi Anshuman attended the meeting.

Whole Time Members of Sebi -- G Mahalingam, Madhabi Puri Buch, S K Mohanty and Ananta Barua were also present.