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Chidambaram meets RBI, SEBI team; positive on policy reforms

  • Dailybhaskar
  • Oct 06, 2012, 18:54 PM IST
P Chidambaram
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P Chidambaram

New Delhi: The Finance Minister P Chidamabaram met a team of officials from SEBI (Securities Exchange Board of India) and RBI (Reserve Bank of India) and discussed a whole range of issues in the current affairs of the economical scenario of the country, in Mumbai today. Some of the prime issues were, being able to make the Indian market more condusive to foreign investments, and also reviving the faith of investors to pool in their money and get the economy back onto the growth path. His accompanying officials included economic affairs secretary Arvind Mayaram, banking secretary DK Mittal, and joint secretary Anup Wadhwan, and this visit was the first by Chidambaram to the financial capital of the nation ever since he became Union Finance Minister on August 1 this year. Some of the important issues discussed at the meeting included:

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    Securities Exchange Board of India
    Securities Exchange Board of India

     

    - The emergency shutdown of the Nationa Stock Exchange due to the fraudulent trading by Emkay Global. He has discussed the case with the  NSE officials who are looking over the matter in detail, and SEBI will be taking action regarding the issue soon. 
     
    - The GAAR Laws and its implementation was also one of the key topics, that Chidamabaram discussed with officials. This issue dealt with implementing provisions of the law, which would deal with tax obligations of foreign companies in India. The Finance Minister even met with leading FII officials in the country on the issue. 
     
    - Chidambaram also met officials of the AMFI (Association of Mutual Funds of India), a body which represents mutual fund companies in the country. After his commitment to making the nation more investment friendly, this meeting was of crucial importance. 
     
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    National Stock Exchange
    National Stock Exchange

     

    Following the meetings, Chidambaram gave his feedback on a number of current relevant issues. His most significant quotes included:
     
    - "I am confident that insurance and PFRDA Bills will be passed by Parliament as they are crucial to economy." This came in relation to the recently introduced resolutions on Insurance and Pension sector FDI in the country.
     
    - "Some steps will cause immediate rise in inflation, but it will come down in 6-8 weeks." This was in reference to the rising current inflation, including the spurt in prices of diesel, a fuel which forms the back bone of the agrarian sector of the economy. 
     
    - "Economic situation still very challenging. Government is committed to a well-regulated financial market and promoting investment." With questions flying about his government's stance on the spate on economic reforms, and the current situation prevailing in the country. With this feedback, it seems that such surprises are still to come by in the recent future. There are also active level talks of changes in the regulatory framework for the financial markets. 

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