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SEBI panel to review structure of exchanges

business Updated: Feb 08, 2010 22:17 IST
HT Correspondent

The Securities and Exchange Board of India (SEBI) has formed a committee under Bimal Jalan to look into market reform issues. Jalan is a former governor of the Reserve Bank of India (RBI).

Speaking at a function organised by Indian Merchant’s Chamber (IMC) to release MR Mayya’s book Glimpses of Indian Stock Markets, SEBI Chairman C.B. Bhave said, “The committee under Jalan would advice on conflict of interest, and the right and limits of exchanges.”

Considering issues regarding the emerging market microstructure and the evolving role of exchanges, the SEBI board in its meeting on December 22, 2009 approved the formation of a committee to look into the issue.

“We are hoping to receive the committee report and will put it for public debate,” said Bhave. K.P. Krishnan, Kishor Chaukar, Uday Kotak, G. Sethu, K.M. Abraham and JN Gupta are on the panel.

Bhave also said that capital markets and banking are two different spheres. While in banking, inclusion would benefit even the lowest income group, the same would not be advisable for capital markets, the market regulator said.