Call For More Co-Ordination Between Regulators

The Securities and Exchange Board of India has called for a greater degree of co-ordination between the Sebi, RBI and the government. According to the 1997-98 Sebi annual report, Sebi expects a greater integration between securities, money and forex markets.

The capital market watchdog has listed out steps that it intends to take during the year 1998-99. The key issue on top of the agenda is to activate trading in bonds and debentures and take all necessary measures including co-ordinating with relevant agencies for this purpose.

* Sebi plans to implement recommendations of the L C Gupta Committee on derivatives trading and Chandrasekaran committee on issues relating to transfer and registration of shares.

 

* Sebi intends to take follow up action on recommendations of Justice Dhanuka committee on securities Laws and P K Kaul committee on the manner in which trustees of mutual funds could function effectively. Recommendations of the report on mutual funds investing in overseas markets will also be considered during the year.

* The regulator hopes to give an impetus to stock lending for which guidelines have been issued.

* It is also planning to take steps to revive the OTCEI by making changes wherever necessary in the systems, procedures and policies of OTCEI.

* Sebi is also considering introduction of shorter settlement cycles and move towards rolling settlement and delivery versus payment.

* Regulations for collective investment schemes and credit rating agencies will be soon notified.

* Sebi also plans to take measures to further streamline and shorten issue procedures with a view to reduce the cost of issues.

* The market watchdog is also planning to strengthen regulations for mutual funds so as to ensure their continued growth and enhance the level of investor protection.

* Sebi is also planning an increased co-ordination between stock exchanges to improve the surveillance mechanism at the stock exchange level and within Sebi.