Sebi has been taking a slew of measures to deepen the bond market.
Addressing a press conference after meeting RBI's board in a customary post-Budget exercise in New Delhi, FM Jaitley also said that the last decision of the Monetary Policy Committee, chaired by RBI Governor Urjit Patel that chose to keep rates unchanged, was a balanced decision. "It will be looked into", said Tyagi.
"Sebi will come out with detailed norms on corporate bonds by September to encourage companies to tap this route for raising funds".
Amid concerns of a possible adverse impact on inflation due to the government's move to increase the minimum support price for agricultural products, Jaitley said the issue was raised during the meeting but described it as an "academic discussion". Referring to the recent rout in the domestic and global stock markets, Patel said, "There has already been a correction not only globally but in India and therefore in a way it underscores how capital markets can change direction". There is enough risk aversion from the investors itself, Patel said. "Tax net has widened, direct tax collections are up 19.3% in the April-January period as a result of the campaign against black money, GST", Jaitley said. He, however, said it will be wrong to say long-term capital gains tax will have no impact at all on Indian markets but any impact would be small and the global factors pose bigger risks. While suggesting rate cut transmission by banks has been healthy, particularly post demonetisation, Patel also pointed out credit growth is now at almost 11 percent. Besides Jaitley, the Sebi board meeting was attended by Minister of State for Finance Pon Radhakrishnan, Finance Secretary Hasmukh Adhia, Chief Economic Adviser Arvind Subramanian, Corporate Affairs Secretary Injeti Srinivas, Sebi's board members G Mahalingam, Arun P Sathe and Madhabi Puri Buch and other senior officials of the regulator. He said the recommendations of the committee should come out soon and then it would be known what role Sebi has to play.
Market regulator Securities and Exchange Board of India (SEBI) on Saturday said it is examining related party transactions and alleged corporate governance lapses in Fortis Healthcare promoted by Malvinder Mohan Singh and Shivinder Mohan Singh, Sebi chairman Ajay Tyagi said after a board meeting of the regulatory body.
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