The Hindu Business Line : `Indian equities market shows robust growth'

THE Indian capital market has regained buoyancy and the equity market has outperformed many other markets of the world, said Mr T.M. Nagarajan, whole-time Member, Securities and Exchange Board of India (SEBI).

Addressing the members of the Institute of Company Secretaries of India, Institute of Chartered Accountants of India and Institute of Cost and Works Accountants of India at a meeting, organised by the Madurai Chapter of Southern India Regional Council of ICSI, on `Recent trends in capital market', here recently, Mr Nagarajan observed that the Sensex has been rising and the availability of the liquidity in the market became evident with investors subscribing to the tune of about Rs 40,000 crore to a market offering of Rs 17,000 crore through the recent disinvestments of PSUs.

He said that in recent years the Indian market has had a robust growth.

Speed and efficiency have become the hallmarks of market activity.

Accounting standards and disclosure norms are at par with international standards.

In the realm of corporate governance, Indian standards are next only to Singapore and Hong Kong.

The introduction of dematerialisation of scrips has helped to avoid many pitfalls. About 10,000 in 400 towns across the country have provided equality of opportunity.

The shortening of trade cycle has enabled quick realisation. It is true that the attendant costs are not relished.

However, attempts are on to reduce them.

Introduction of futures and options, margin trading and securities lending and commodities trading has helped to expand the market activities in the country, he added.

Earlier, Mr R. Ravi, Vice-President, ICSI, New Delhi, in his address pleaded for a consideration by SEBI of independent secretaries audit of companies, which would go a long way in helping the companies and the investors.