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NSE makes pitch to FM, Sebi to cut securities transaction costs

To further expand markets, we need to further simplify them, said Vikram Limaye, MD and CEO.

ETMarkets.com|
Updated: Nov 05, 2019, 09.20 PM IST
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Govt working with RBI to tweak existing laws to help real estate sector: Nirmala Sitharaman
Govt working with RBI to tweak existing laws to help real estate sector: Nirmala Sitharaman
The National Stock Exchange of India (NSE) on Tuesday made a strong pitch for bringing down securities transaction and compliance costs in Indian market, saying that is a primary requirement for equity penetration levels to increase in the country.

“Equity penetration is very low in India compared with its peers. There is still so much to be done. To further expand markets, we need to further simplify them,” Vikram Limaye, MD and CEO of NSE, used a function to mark 25 years of the exchange to make the pitch.

"NSE and its team is committed to partner with the government and the regulators to speed up market development and contribute to India's ambition to take its rightful place in the world's leading economies," he said.

Both Finance Minister Nirmala Sitharaman and Sebi Chairman Ajay Tyagi were in attendance.

The Finance Minister said India needs a vibrant stock market and NSE has proven that it is possible to have completely home-grown sustainable models for stock markets, which many countries want to learn from. She also complimented NSE’s investor outreach efforts

On foreign investor participation in the bond market, Sitharaman said the interest shown by sovereign funds in entering India is due also to the trust and faith in the way exchanges, such as NSE, have organised themselves here.

Sebi Chairman Tyagi hinted at embracing blockchain technology to transform trading and clearing in capital markets.

"Technology has played a major role in transformation of capital markets. Going forward, technology is going to play an even more important role. Technologies such as blockchain and artificial intelligence can transform key segments of industry," he said.

Sebi is still in the ‘regulatory sandbox’ mode in adopting blockchain and alternative intelligence in the securities market. Sandbox, a term used for testing environments, is used by regulators and policymakers to facilitate technology adoption.

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