Union Finance Minister addresses Board members and senior officials of SEBI
Shri Arun Jaitley, Hon’ble Union Finance Minister, interacted with the members of the SEBI Board and senior officials of SEBI at New Delhi today. Shri Jayant Sinha, Minister of State for Finance, Shri Shaktikanta Das, Secretary, Ministry of Finance, Shri Ajay Tyagi, Additional Secretary, Ministry of Finance and Shri Praveen Garg, Joint Secretary, Ministry of Finance also attended the meeting.
The Finance Minister was apprised of the major recent trends and the emerging external risks in the securities market. He advised SEBI to remain alert on the supervision of the market keeping in mind the impact of global developments. He also advised for expanding the investor base by improving ease of doing business in the securities market through KYC simplification by use of technology. He also felt that with the passing of legislation on Aadhar, the process could be expedited.
He appreciated the emergence of Indian Mutual Funds as a counter balance to foreign portfolio investors. He also highlighted the need for new products in the commodity derivatives market and the need for encouraging actual hedgers to take benefits of the commodity derivatives market. He also appreciated the role of National Institute of Securities Market (NISM) and its upcoming campus at Patalganga, Maharashtra. He advised that besides preparing and training manpower for the securities market, the NISM may also provide for courses for legal professionals in the securities market in the areas of regulation and compliance.
Besides, Shri U.K. Sinha, Chairman- SEBI, the meeting was attended by members of SEBI Board namely, Shri Tapan Ray, Shri Arun P. Sathe, Shri Prashant Saran, Shri Rajeev Kumar Agarwal and Shri S. Raman. Executive Directors and other senior officials of SEBI were also present.
March 12, 2016