The Securities and Exchange Board of India (Sebi) has embarked on possibly the most ambitious project in its history. | |
| The Indian capital markets watchdog is planning to set up a global securities markets training centre in Mumbai. |
| |
| The project, christened National Institute of Securities Markets (NISM), is likely to take off before the end of fiscal year 2004-05. It will be set up at a 60 acre land at Khandala on Mumbai-Pune high way. |
| |
| Sebi has constituted a high-profile board of governors for the project which had its first meeting about a fortnight back. Sebi chairman JN Bajpai is the chairman of this board. |
| |
| The other members are Howard Davis, director of the London School of Economics and political science and former chairman of Financial Supervisory Authority (FSA) of UK; David Fischer, chairman of Capital International; Marti G Subramanyam, Charles E Merrill Professor of Finance, Economics and International Business at the Leonard N Stern School of Business, New York; Venu Srinivasan, managing director and chairman, TVS Motors; Sunil Kant Munjal, MD and CEO, Hero Corporate Service and president of CII; Hemendra Kothari, chairman, DSP Merrill Lynch; T N Ninan, editor, Business Standard, A K Batra and T M Nagarajan, wholetime directors of Sebi and Pratik Kar, executive director. |
| |
| The academic council consists of Pritam Singh, former director of IIM Lucknow and currently director, Management Development Institute, Gurgaon; K C Mishra, director, director, National Insurance Academy; C H Bhave, managing director, NSDL; Ravi Narayan, managing director, National Stock Exchange; R K Mishra, executive director, Sebi and M S Sahoo, chief general manager. |
| |
| The council is in the process of working out the syllabus and appointing the faculty for the institute. |
| |
| "The objective is the set up a world class institute for training of securities markets professionals," a source said. |
| |
| Besides upgrading the skills of Sebi professionals and offering short certification course to domestic capital market professionals, it will also cater to international training needs. |
| |
| "Particularly from southeast Asia, there has been demand for such training," sources said. |
| |
| What will distinguish NISM from other business schools is its focus on regulatory and compliance and policy issues. |
| |
| "We are exploring the possibility of attracting faculty from overseas besides experts in India in this field. Over a period of time, the institute will issue diploma courses too," said sources. |
| |
| A similar securities training institute has been operating in Australia. In India, the UTI Institute of Capital Markets in Navi Mumbai has been into capital markets training in a relatively smaller scale. |
| |
| Sebi has already registered the project under Societies Act. It will chip in with an initial corpus and subsequently NISM is expected to be self-sustaining. |
| |
|
| |
