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The capital market is an important instrument for intermediating financial resources. Recognising the strength of the Indian capital market, the International Organisation of Securities Commissions (IOSCO) has decided to hold its annual conference in Mumbai in April 2007. In line with measures announced every year to strengthen the market, I propose to:

* Make PAN the sole identification number for all participants in the securities market with an alpha-numeric prefix or suffix to distinguish a particular kind of account.

* Take forward the idea of self regulating organisations (SRO) for different market participants under regulations that will be made by SEBI and, if necessary, supported by an enabling law.

* Promote the flow of investment to the infrastructure sector by permitting mutual funds to launch and operate dedicated infrastructure funds.

* Converge the different regulations that allow individuals and Indian mutual funds to invest in overseas securities by permitting individuals to invest through Indian mutual funds.

* Allow short selling settled by delivery, and securities lending and borrowing to facilitate delivery, by institutions.

* Put in place an enabling mechanism to permit Indian companies to unlock a part of their holdings in group companies for meeting their financing requirements by issue of exchangeable bonds.

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