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Finance Minister Nirmala Sitharaman on Wednesday advised the SEBI board to ensure “time-bound implementation” of the Budget proposals relating to capital markets.
In her interaction with the SEBI board at a customary post-Budget meeting at North Block in the Capital, Sitharaman lauded the measures taken by SEBI during the year, especially those relating to dealing with Covid-19 situation and ensuring that capital markets functioned without any interruptions even during lockdown period.
SEBI Chairman Ajay Tyagi told BusinessLine after the meeting that he had made a presentation to the Finance Minister and senior Finance Ministry officials on the current market trends and challenges; measures taken in the wake of Covid- 19 pandemic; capital raising during the financial year; implementation roadmap for SEBI-related Budget announcements; and corporate bond market development. “The key message the Finance Minister gave us was that Budget announcements should be implemented in a time-bound manner. We agree with this and will take efforts,” Tyagi said.
Single code
It maybe recalled that the Budget had proposed framing of a single securities markets code that the Budget had proposed through consolidation of four laws — SEBI Act 1992, Depositories Act 1996, Securities contracts (Regulation) Act 1956 and government securities Act 2007.
Tyagi said this was discussed at today’s meeting and SEBI has given “preliminary ideas” to the government.
Tyagi also said he had in today’s presentation discussed the way forward on this announcement for developing the corporate bond market.
“To instil confidence amongst the participants in the corporate bond market during times of stress and to generally enhance secondary market liquidity, it is proposed to create a permanent institutional framework. The proposed body would purchase investment grade debt securities both in stressed and normal times and help in the development of the bond market,” Sitharaman said in her Budget speech.
The meeting was also attended by Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs, Ajay Bhusan Pandey, Finance Secretary and Tarun Bajaj, Economic Affairs Secretary. Reserve Bank of India Deputy Governor M. Rajeshwar Rao, and KVR Murty, Joint Secretary, Ministry of Corporate Affairs, were also present at the meeting.
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