Planning Commission Deputy Chairman Montek Singh remarked that the Indian capital market made a significant progress since Sebi was formed in late 1980s and going forward it needs to be even more benchmarked against global standards.
He also opined that the domestic capital market withstood the pressures of the time very well and has come a long way over the years.
At the same time, he called for greater global benchmarking of Indian capital markets going forward.
Although he said he does not have much association with the capital markets nowadays, he admits that he has a special affection for capital markets.
He said this at the closing day of a three-day meeting of Asia Pacific Regional Committee of IOSCO, hosted by Sebi.
IOSCO is a global body of securities market regulators from across the world and Sebi is a prominent member of this grouping.
It may be recalled that the capital market regulator Securities Exchange Board of India (Sebi) was set up towards the end of 1980s when the government considered the idea of having a separate capital markets regulator.
At that time, Ahluwalia was in the finance ministry and Rajiv Gandhi was Prime Minister. After much discussions, the government set up Sebi initially as a non- statutory body as it would have required much change of laws otherwise, Ahluwalia said.
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