FM has a busy day in Mumbai today

Finance Minister P Chidambaram will have an action-packed Friday in the financial capital, Mumbai.

On a day when most financial sector regulators from pensions to insurance and capital markets converge on Mumbai, Chidambaram will start with the launch of currency futures at the National Stock Exchange at 8.45 am.

The action then shifts to the Sebi headquarters, which is a few metres away, before the finance minister moves to a function organised by the National Securities Depository, the central record-keeping agency for the New Pension Scheme.

At a time when the market sentiment is not too bullish, he is also likely to meet some investors after an informal dialogue at Sebi. The FM will then return to the new financial district, the Bandra-Kurla Complex, to meet the UTI Asset Management Company brass.

 

After spending most part of the day in Mumbai’s western suburbs, the finance minister will attend Life Insurance Corporation of India’s board meeting. The FM’s visit to Mumbai comes after a gap of a few months and at a time when the financial sector — which is facing some tough times domestically as well as overseas — is anticipating the much-awaited reforms.

With the Left opposing moves to liberalise the finance sector, the UPA government has been unable to push ahead with key economic legislations that will allow more foreign participation in banking, insurance and pension sectors. Financial sector executives are keen to hear what the Centre’s strategy is going to be in coming months. With elections due next summer, the government has a limited window to push through the reforms agenda.