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Finance Minister P Chidambaram on Monday announced a slew of steps to deepen the Indian financial markets including creating one record for all financial assets of every individual.
“Like there is a depositories for securities, we want to create one record for all financial assets. There the data will be for share, bonds, mutual funds and bank deposits,” Chidambaram said at a post-budget press conference.
All financial sector regulators have agreed on the concept and a sub-committee is working on it, he said adding that Financial Sector Development council will take a final call and then it will be implemented.
The Government will also comprehensively revamp the ADR/GDR scheme and enlarge the scope of depository receipts.
Plans are afoot to deepen and strengthen the currency derivatives market to enable Indian companies to fully hedge against foreign currency risks.
The Centre will also enable smoother clearing and settlement for international investors looking to invest in Indian bonds.
Rupee-denominated corporate bond market will also be liberalised, Chidambaram said.
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