Chidambaram asks stock brokers to corporatise

P Chidambaram asks stock brokers to corporatise their business to compete with global players in domestic as and overseas capital mkts.

Finance Minister P Chidambaram on Thursday asked stock brokers to corporatise their business to compete successfully with global players in the domestic as welll as overseas capital markets.

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"Corporatisation brings better standards of governance, brings better transparency, increases the confidence level of customers. Therefore, I believe that stock broking and stock market activities should also be corporatised, Chidambaram said while addressing the 3rd annual conference of the Association of National Stock Exchanges Members of India.

It will help brokers to access overseas markets and tap the funds of Indian Diaspora for domestic markets apart from attracting professionals to the "family- controlled business," he said.

In his Budget for 2008-09, the Finance Minister has favoured listing of more Central Public Sector Enterprises.
He said the BSE and NSE should also consider helping the small brokers to access overseas markets.

While enumerating steps taken by the government to broaden the capital market in the past 10 months, Chidambaram said the government attached "highest importance to capital market." "We will continue to strengthen, deepen and broaden capital market," he said.

Chidambaram said, "It is our intention to keep growth story intact and going, it is my intention to keep growth close to 9 per cent, and inflation close to 4 per cent... Despite clouds over our heads, thanks to global trends, I look forward to another year of high growth."

He said India is not entirely de-coupled from the rest of the world. "We are a part of the world. Globalisation indeed offers us opportunities, globalisation also affects us."

Stating that the batting average of the UPA Government is 8.8 per cent in four years, the Finance Minister said, "I intend to close this innings with a batting average of close to 8.8 or perhaps higher than 8.8, not lower than 8.8."

He hoped that it would the UPA Government's Chidambaram said, "It is our intention to keep growth story intact and going, it is my intention to keep growth close to 9 per cent, and inflation close to 4 per cent... Despite clouds over our heads, thanks to global trends, I look forward to another year of high growth."

He said India is not entirely de-coupled from the rest of the world. "We are a part of the world. Globalisation indeed offers us opportunities, globalisation also affects us."

Stating that the batting average of the UPA Government is 8.8 per cent in four years, the Finance Minister said, "I intend to close this innings with a batting average of close to 8.8 or perhaps higher than 8.8, not lower than 8.8."

He hoped that it would be UPA Government's first innings only when it comes to an end.