Wednesday, June 18, 2008

Futures currency trading in the offing

by Jo Black

The Chairman, Securities and Exchange Board of India (SEBI) has disclosed that the regulator would shortly evolve a new mechanism to introduce futures currency trading as well enable the small scale industries to access capital for their upgradation and modernization drive.

Speaking on the 2nd day ASSOCHAM 87th Annual General Meeting, SEBI Chairman said that Reserve Bank of India (RBI), SEBI and Deptt. of Company Affairs are in the consultation process to take the views of all stake holders before a policy decision in this regard is taken.

The Indian markets, according to Mr. Bhave has grown into maturities to absorb futures trading in currencies.

The markets have also matured to take the benefits of their maturity to help SMEs to access funds from the market and i.e. the policy decision in this regard could also be taken in near future, hinted the SEBI Chairman.

The regulator is also evolving norms for corporates to compete in a fair and equitable manner as the international norms need to be put in place in the market capital for the corporates to follow so that just as Indian corporates takes advantages of open economy elsewhere, the overseas business also take the benefits of openness in the Indian markets, said Mr. Bhave.

On a question whether access foreign liquidity would be good for India, Mr. Bhave said that FDI’s have been coming to India in good volumes but too much of access liquidity is not good.

 

 

 

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