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The Bimal Jalan committee report on how to run stock exchanges has not gone off the radar of the Finance Ministry, although nearly ten months had passed since its submission to the capital market regulator in November 2010.
"It will be incorrect to come to any conclusion that the report has been shelved or put aside for future consideration", official sources said.
The Bimal Jalan report is yet to be considered by the SEBI Board, which has central government nominees. For the report to be considered and approved by the SEBI Board, the Finance Ministry has to come to a view on the recommendations.
With the recent Finance Ministry convened meetings on stock exchange issues not deliberating on the Bimal Jalan committee report, there are doubts within the stock exchange fraternity on whether this report’s recommendations would be pursued for implementation or not.
The Bimal Jalan Committee’s recommendations had created strong divergent views among various stakeholders. The committee had recommended that bourses should not be allowed to be listed for now. All the stock exchanges are opposed to any such unilateral stance.
There is also divergence on the issue of balance between regulatory and business functions of stock exchanges. Not all stock exchanges favour segregation of regulatory and commercial role.
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