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SEBI Chairman Ajay Tyagi on Tuesday said that a single platform for multiple debt securities, including corporate bonds and government securities, could go a long way in developing the bond market in India.
“Unification of markets, an idea which was initially brought about in the 2015 Budget, needs to be taken forward with appropriate tweaks,” Tyagi said while speaking at the launch of the NSE’s Request for Quote (RFQ) platform on Tuesday.
The BSE, launched its RFQ platform on Monday.
The platform can help participants transact in the debt market by looking at the quotes.
Tyagi told newspersons that the regulator is legally examining the prospects of NSE’s IPO.
SEBI has been holding back permission for the IPO due to its order in the co-location case. The exchange has challenged the order at the in Securities Appellate Tribunal. It is likely that Tyagi will wait to know if his term as SEBI chairman will be extended by the government. Otherwise, he may let the new chairman decide on the matter, sources told BusinessLine .
‘An important milestone’
The new electronic platforms launched by the exchanges are expected to offer better features and flexibility on quotes than the over-the-counter markets in the bond segment. “The launch of ‘NSE RFQ Platform’ is an important milestone for the debt market,” Tyagi said.
Vikram Limaye, MD & CEO, NSE, said: “The NSE RFQ Platform will facilitate further electronification of the debt markets in India. The platform will cover the entire process of seeking a quote for a security, interacting with various participants, doing multiple rounds of negotiation and recording all these chain of events in an electronic form. The NSE RFQ Platform is expected to increase the market activity in the debt markets besides bringing in the required pre-trade transparency.”
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