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Our Bureau

Proposes separate exchange for SMEs

Coimbatore , Aug. 29

The Securities and Exchange Board of India Chairman, Mr M. Damodaran, has said the market regulator is for creating depth in the capital market so as to contain the volatility in the market.

This can be achieved by encouraging listing of more companies including the companies from outside India, thereby attracting more investors into the market, he said.

Foreign companies

Speaking at a meeting of the members of Indian Chamber of Commerce and Industry, Coimbatore, and the Institute of Chartered Accountants of India, the SEBI chief said several foreign companies were showing interest in coming to India.

"We will be seeing more listings in the coming days," Mr Damodaran said, adding that the quality institutional placement (QIP) route opening up now would provide scope for presence of quality stocks.

The SEBI chief also saw the need for creating a separate exchange for the small and medium enterprises to provide them the needed liquidity. "The over the counter exchange (OTCE) could not do well as that forum appeared to be ahead of its time," he said. He added that in the case of the proposed separate exchange for the SMEs for which a working group has initiated action, the best of the provisions of the OTCE would be used for framing its guidelines.

Stating that SEBI is for actively encouraging formation of registered investors associations in every region, Mr Damodaran said in order to bring down the cost of IPOs and enhancing the facilitation to corporates, intermediaries involved in capital markets, SEBI would strength its regional offices in Delhi, Kolkata and Chennai.

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