such products under the pension regulator, PFRDA. The above have been proposed for the forthcoming full budget, or for implementation over the next three months.
For a longer term of a year, the ministry recommends deepening of the corporate debt market, reduction of time and cost of issuance of an initial public offering (IPO), creation of a single record for all financial assets, measures to increase retail participation in capital markets, easing of delisting regulations and strengthening and deepening of interest rate futures markets.
Sources say some of the measures are pending proposals from the previous regime that could not be implemented. For example, on REITs, Sebi had the draft regulations out in October 2013, but they have not yet been notified. Similarly, attracting more retail investors has always been one of the goals of the government.
Sources added that for a number of these reforms, the capital markets division of the ministry has no concrete plans in place and would only develop those further down the year.
ďInterest rate futures market in India is only months old. We will have to see how to develop that. Similarly, points such as deepening of corporate debt, IDRs, currency derivatives, and easing up of delisting and IPO regulations will be discussed in the future,Ē the official added.