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SEBI, exchange officials discuss various issues

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MUMBAI, March 14

THE issue of demutualisation of stock exchanges was among the various issues discussed by the Securities and Exchange Board of India Chairman, Mr G.N. Bajpai, with the senior officials of various stock exchanges today. The officials briefed the new Chairman on issues pertaining to the functioning of stock exchanges.

The Managing Directors, the Presidents and the Executive Directors of various stock exchanges attended today's meeting. Meanwhile, addressing members of the Swiss Business Council here on Wednesday, Mr Bajpai said quality of intermediation was an important issue in the Indian capital market. He said the regulations should protect the interests of all stakeholders in the capital market. But the question was whether to adopt strict regulation or allow self-regulation.

According to Mr Bajpai, who took over as the SEBI Chairman last month, if all stakeholders in the capital market were well-informed, self-regulation would make sense. For this, adherence to corporate governance norms was crucial.

He said, as far as the trading system was concerned, Indian stock exchanges were well developed, with on-line trading currently possible from 400 cities.

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