In the wake of a raging debate over proposed new norms for ownership and governance of stock exchanges, the Securities and Exchange Board of India (Sebi) may consider making listing optional for the bourses and separating their regulatory and business roles.
The market regulator is considering whether the bourses can be asked to put in place 'Chinese Walls' between their regulatory and corporate functions, a senior official said.
The move is aimed at keeping the front-line regulatory role of the bourses unaffected by their profit-making and other business interests after they become publicly held companies following their listing.
Ever since a Sebi-appointed committee, headed by former RBI governor Bimal Jalan, submitted a report in November on proposed new norms for the ownership and governance of stock exchanges, there has been a heated debate over various proposals made by the panel.
SEBI challenges CIC order on RIL
SEBI has challenged in the Bombay high court a order of the Central Information Commission (CIC) to make public action taken by it on a complaint against Reliance Industries Ltd (RIL) in the year 2000 on the sale of 12 crore shares for the benefit of its promoters. CIC had directed the market regulator to provide details of action taken on the complaint of S Gurumurthy of Swadeshi Jagran Manch.