Chidambaram meets Sebi, discusses future agenda for markets

New Delhi: Finance Minister P Chidambaram today discussed with market regulator Sebi the future agenda for growth of capital markets, as also steps needed for simplified KYC norms for foreign investors.

After a meeting between Sebi board members and Chidambaram, Securities and Exchange Board of India Chairman U K Sinha told reporters that the Finance Minister has emphasised on the need for the regulator to be alert on various issues concerning the capital markets, including the technology related challenges.

Sinha said the Chidambaram addressed the Sebi board which made a presentation to the Finance Minister regarding various steps taken by the regulatory authority, as also about its future agenda. The issues discussed also included simplified set of KYC norms for foreign investors and various new offices being opened by the regulator in different parts of the country for the benefit of the markets and investors.

With regard to the ongoing probe into a crash in some midcap stocks recently, Sinha said that the investigations are continuing and Sebi has collected some data in this regard. Sebi chief said that the information collected so far is not conclusive in nature and the probe would take some more time.

“But, we want to assure everyone that we are acting very fast whenever there are attempts for market manipulations,” Sinha said. Sebi Chairman said that Finance Minister also expressed satisfaction over various steps being taken by the regulator for the capital markets.

PTI