Financial Daily from THE HINDU group of publications
Saturday, Jan 07, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 07, 2006 |
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Markets
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Regulatory Bodies & Rulings Corporate - Corporate Governance SEBI hopes to get full picture on Clause 49 compliance in 15 days Our Bureau
MAKING A POINT: The SEBI Chairman, Mr M. Damodaran, and the Secretary, Ministry of Finance, Mr Ashok Jha, at the Mindmine Summit in the Capital on Friday. - Kamal Narang
New Delhi , Jan. 6 THE Securities and Exchange Board of India (SEBI) expects to get a precise picture in the next 15 days of the extent of corporate India's compliance with regard to the revised Clause 49 of the listing agreement that came into effect from January 1. "We have started to get some reports from the stock exchanges. In the next 15 days, we will have complete picture (on the level of compliance) as they send in more information," Mr M. Damodaran, SEBI Chairman, told newspersons on the sidelines of Mindmine Summit 2006 held in the Capital today. Mr Damodaran also said that the Bombay Stock Exchange was looking into the issue of "trade error" that occurred on Thursday (in Tulip IT Services counter on its listing day) and indicated that some announcements may come from the exchange on this issue on Saturday or in the next few days. Earlier, addressing the Summit, Mr Damodaran said that he did not see any consolidation happening among market participants (especially among brokers and sub-brokers) during this year and the next year. On the issue of accountability of the capital market regulator, which is vested with enormous legislative, judicial and executive powers, Mr Damodaran favoured a system where the regulator could every six months or a year appear before Parliament and give a progress report of its activities. The SEBI chairman also felt that a "unified" regulatory model might not work in a country like India. "There are a very few countries (like the UK) that have a unified regulator. This arrangement hasn't been existing very long enough for us to draw any conclusions," he said.
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