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India can be model for global markets: Sebi
May 22, 2003 17:16 IST
The Securities and Exchange Board of India said on Thursday that India could soon become the "benchmark" for the capital markets elsewhere in the world because of the several far-reaching reforms, especially on risk management.
Citing specifically, the Market Risk Management adopted by the country, Sebi chairman G N Bajpai said the markets were monitored daily on real time basis, which is not in existence even in developed markets, including the US and UK, where it is monitored twice or thrice a day.
Bajpai said within the last one year, Sebi had taken many "stupendous" reforms, including de-materialisation and investor protection norms.
Highlighting that the markets were dynamic and so were the legislations needed, he said there was a need to phase out the obsolete laws, which were not in tune with the present day requirements.
If legislations keep evolving and follow the development, Bajpai said they would be less intrusive yet more effective.
"If we try to interfere too much, then the market forces will not happen, which might not be in the best interests of the country," he said.
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