Ambi Asked To Prepare Note On Primary Market Revival

Vijay Ranjan, executive director, Sebi, who is in-charge of the primary market, said there are several issues that need serious consideration. The onus is now on merchant bankers and they need to improve the quality of their service,'' he said.

However, the revival will not take place overnight and a long-term perspective needs to be taken.''

When contacted, sources at Ambi confirmed that they were in the process of preparing the note and that it would presented to the regulator soon.

Apart from the issues raised in the meeting with the Sebi officials, D R Mehta also expressed concern about the present state of affairs in the primary market and asked us to come forward with suggestions so that a package can be made for the revival of the market.''

The industry affairs committee of Ambi regularly meets senior Sebi officials regularly and apprises them of the state of affairs. They were surprised to meet the Sebi chairman who sat and heard patiently to what they had to say.

We did not expect the Sebi chairman to attend the meeting. However, his very presence in this routine meeting is enough to prove that the regulator wants to take concrete steps to revive the ailing primary market,'' an Ambi source said.