Business Daily from THE HINDU group of publications
Wednesday, Aug 29, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Aug 29, 2007 ePaper |
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Corporate
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Corporate Bonds Money & Banking - Debt Market ‘Regulatory overlap hurts corp bond market growth’
K.R. Srivats New Delhi, Aug 28 Regulatory overlap and the ‘fear of finance’ among different government agencies are holding up the development of exchange-traded corporate bond market in the country, a senior Finance Ministry official has said. “On most of the issues raised by the Patil Committee, there is progress. There is regulatory clarity. But there is still regulatory overlap. There is clearly more than one regulatory agency dealing with it. You don’t overcome regulatory overlap unless you de-legislate,” Dr K.P. Krishnan, Joint Secretary, Finance Ministry said. He, however, expressed confidence that the issue of regulatory overlap could be overcome through consensus. While the Securities and Exchange Board of India regulates the primary issuance as well as the secondary market, the Reserve Bank of India by law is regulating the corporate repo market. Not satisfactory
“I don’t think this is legislatively a satisfactory solution. I don’t have the answer,” he said. He added the answer may be found if some of the recommendations of the High Powered Committee on Making Mumbai an International Financial Centre get accepted.
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