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To Review The Existing Framework of MIIs, SEBI Puts Forward Higher Regulatory Requirement

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.

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According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).
SEBI Building Mumbai, Wikimedia commons
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The Securities and Exchange Board of India (SEBI) on Friday proposed higher regulatory requirement in terms of ownership, governance and certain additional standards of essential accountability “Credit Rating Agencies, Registrar to an Issue and Share Transfer Agents and Debenture Trustees”.

According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.
Representational Image, Pixabay

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.

“The committee, based on the presentations made by the market intermediaries, felt that these intermediaries do not meet majority of the criteria of MIIs,” the committee’s report said.

Also Read: Apple Leads Global Tablet Market, Samsung Second

“However, certain characteristics such as size, concentration, high dependence of investors on their services, market share, etc. make them significantly important.”

Accordingly, the regulator has called for public comments till May 19 on the recommendations made by the committee. (IANS)

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Big reforms Led to India becoming the fastest growing major Economy globally: Garg

It also has enormous implications for emerging markets and developing countries

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The RBI building in Mumbai.
The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs more reforms.
Indian economy needs more reforms.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise.
Indian economy should be on rise. Image: Mapsofindia

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS