The Hindu Business Line : Self regulatory body for brokers mooted

THE Association of NSE Members of India (ANMI) has mooted the idea of forming Self Regulatory Organisation (SRO) to regulate the stockbrokers community.

"A proposal for SRO has been given to SEBI for approval and once it has been done, ANMI would work on it," said Mr S.K. Rustagi, President, ANMI, at a press meet.

He said the objective of forming SRO is to bring all the stockbrokers of the country into it and not only NSE members.

"The idea is to include members of all the stock exchanges into it," he said.

Asked what would be the role of ANMI when SEBI and stock exchanges are already regulating the stockbrokers, Mr V.V.K. Prasad, Alternate President, ANMI, said: "the details are given to SEBI as part of the proposal".

Meanwhile, ANMI is organising a one-day seminar in Mumbai on Friday on "The Securities Markets Vision for Development and Regulations-National and International Perspectives". The Finance Minister, Mr P. Chidambaram, will inaugurate the function.

Officials from the Finance Ministry and SEBI would also participate in the seminar, which would deliberate on issues such as universal broker, market development and regulatory practices in India and abroad.

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