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Mr T.C. Nair

Our Bureau

New Delhi, Aug. 4 Investors from all over the globe are highly bullish about the Indian stock market and are constantly seeking opportunities to be a part of the Indian Inc bandwagon, the SEBI whole-time member, Mr T.C. Nair, said.

He said Goldman Sachs, World Bank and the City of London report that the Indian bond market has the potential to grow to a value of trillion dollars.

Observing that crisis at different intervals has helped the stock markets in India to evolve, Mr Nair said the Harshad Mehta scam, the Ketan Parekh scam and the debt crisis of 1991 have taught lessons to the Indian policy makers and allowed the market evolution to leapfrog. “The integrated surveillance system which is a work of art and one of the most advanced systems in the world was conceived and implemented after taking into account the shortcomings made conspicuous in such crisis,” he said speaking on ‘Indian debt market: Its evolution and prospects’ at Prahelika 2008, an International Management Institute’s (IMI) finance event.

The event brought together intellectuals, economists and policy-makers from organisations such as SEBI, Crisil, Standard & Poor Asia Pacific and ICRA.

Speaking at the session, Dr Subir Gokarn, Chief Economist, Standards & Poor’s Asia Pacific, compared the monetary policies adopted by the RBI as the hand brake (repo rates) and the foot-brake (CRR) of the Indian monetary vehicle provided an insight on the way these measures operate and impact liquidity in a calculated manner.

He also called for a standard rating basis for credit rating agencies across the world.

Mr Pranab Kumar Choudhury, Vice-Chairman, ICRA Online Ltd, said rating agencies are a reflection of history.

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