Financial Daily from THE HINDU group of publications
Saturday, Dec 13, 2003
Financial Daily from THE HINDU group of publications Saturday, Dec 13, 2003 |
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Stock Markets Markets - Stock Markets Current stock boom secular, says Jaswant — `No need for Govt intervention' Our Bureau
New Delhi , Dec. 12 THE Finance Minister, Mr Jaswant Singh, told Parliament on Friday that the present buoyancy in the country's stock markets was `secular' and reflective of the "overall strength of the economy". And since the current boom, unlike earlier ones, was broad-based, there was no case for intervention by the Government. "The Government doesn't believe in micromanaging the capital markets. We have become wiser from our experiences and we know that this buoyancy is secular," the Finance Minister said in the Lok Sabha. Mr Singh also submitted to the House a progress report on the `action taken' pursuant to the recommendations of the Joint Parliamentary Committee (JPC) on Stock Market Scam. He said that while certain legislative measures such as the amendment of the SEBI Act (to further enhance the regulator's investigative and supervision powers) and repeal of the UTI Act have already been given effect, other proposals like the amendment to the Securities Contract (Regulations) Act for ensuring demutualisation and corporatisation of stock exchanges and amendment of the Banking Regulations Act for better regulation of cooperative banks are before Parliament. The Government is also considering bringing about other enabling legislations like the Companies Law (Amendment) Bill and the Government Securities Bill, 2003. More recently, a number of measures have been taken to avert future scams. These include setting up of additional institutional mechanisms to keep a regular watch on the financial markets, establishment of a coordination mechanism with regulators and investigating agencies, reference to SEBI regarding the secondary market investment decisions of UTI in 89 companies identified by the Tarapore Committee and setting up of the Serious Frauds Investigation Office, the Finance Minister added.
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