New Delhi: Emphasising that Indian securities market has seen significant developments, Finance Minister Arun Jaitley on Saturday said the regulator is evolving in accordance with the needs of the economy and markets.
Discussing the Budget initiatives with the Sebi board on Saturday, Jaitley said regulations have been evolving very fast and that the regulator as an institution has established lot of credibility for itself.
The future agenda for the capital markets regulatory body, including evolving technological and policy changes, was also discussed, he told reporters after addressing Sebi board and top officials at the customary post-Budget meeting.
Sebi Chairman U K Sinha said the Finance Minister was informed about the developments in the market as well as current issues Sebi and market are facing.
"We had a very healthy discussion on that ... We discussed various items for implementation post Budget announcement," he added.Also Read: Senior IAS Officer Ajay Tyagi appointed Sebi Chief
Jaitley said Sebi is a professional organisation with a considerable experience in this line and has been evolving as per the needs of the economy and the markets itself.
"Primarily, we discussed issues relating to markets ... subjects related to future agenda, some of which are Sebi's own agenda because of various evolutions in markets and technologies and some of which are necessitated by Budget announcements.
"It is those subjects which we have discussed at the meeting today," he noted.
According to a release issued by Sebi, the Finance Minister remarked that the Indian securities market has witnessed very significant developments in the last 5-6 years, particularly in the context of technology heavily influencing the market operations accompanied with increase in the size of markets.
Jaitley also complimented Sebi and observed that Sebi, as an institution has established lot of credibility for itself, the release said.
During the interaction, various reforms and regulations, including in the areas of ease of doing business, governance, corporate bond market, exit of regional exchanges and high frequency trading were touched upon.
"Need for further development of commodity markets in both the spot and derivatives segments and the recent Union Budget proposal to look into integrating the two segments were also highlighted during the discussion," the release said.
Minister of State for Finance Arjun Ram Meghwal, Economic Affairs Secretary Shaktikanta Das, Chief Economic Advisor Arvind Subramanian and Sebi Chairman-designate Ajay Tyagi, who is currently an Additional Secretary in the Finance Ministry, was also present.
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