The Securities and Exchange Board of India (Sebi) is considering a proposal for setting up a dedicated exchange for corporate bonds and fixed income derivatives, which will cater exclusively to large institutional investors.
The exchange is proposed to be set up by ICAP India, a subsidiary of the world's largest inter-dealer broker ICAP Plc, and its application is currently being processed by the market regulator.
When contacted, a spokesperson for London-based ICAP Plc told PTI the application has been made to Sebi and plans are still in the development stage.
“We can confirm we made an application and we are in that process right now. Our plans are still in development, not set in stone,” the spokesperson said in an emailed reply.