Business Daily from THE HINDU group of publications
Sunday, Dec 17, 2006
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Business Daily from THE HINDU group of publications Sunday, Dec 17, 2006 ePaper |
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Markets
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Regulatory Bodies & Rulings Our Bureau
Kolkata , Dec. 16
The Securities and Exchange Board of India has mooted the formation of a super SRO, a self-regulatory organisation that will combine some of the key constituents of the capital market — brokers, mutual funds and merchant bankers. The SEBI, aware that associations formed by the likes of the NSE members and asset management companies have already expressed an interest to turn into SROs on their own, hopes to rope in experts. The idea is to establish a single SRO that will take up a range of issues.
Frontline regulator
Mr Damodaran said the SEBI acknowledges the functions carried out by the Association of NSE Members of India (ANMI) and the Association of Mutual Funds in India (AMFI). While the SEBI plays the role of a frontline regulator, these are trade bodies with specific duties to perform, he added. "We may consider a single SRO of this nature. A vibrant system of self-regulation may be in place in course of time," he told presspersons while referring to what is prevalent in the US market — an SRO that effectively reduces the US market regulator's burden. For SEBI, the issue of SRO has come back (it had made news in recent years, especially in the context of the AMFI) at a time when even the NSE members' association has paid particular attention to it. The ANMI has lately taken up a move to form an organisation of stockbrokers, including members of the Bombay Stock Exchange, across exchanges. The ANMI, in fact, has taken steps to rechristen itself as `Association of National Exchange Members of India' as part of the exercise.
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