Lower costs won’t lower regulatory compliance
How do you see the exchange space panning out in the near future? As there are already two national level exchanges, how do you justify the need for a third exchange?
A full-fledged capital market is the need of the hour for India. Globally, if you look at any developed economy, equity constitutes only 13% of the capital market and other asset classes—debt, corporate and government bonds, interest rate futures, currency, SME, etc—constitute the remaining 87% of the market. While everyone says that we have two national-level exchanges, I think not much has been done to develop this 87% of the market segment, which, in a way, remains unexplored. Here, I want to explicitly state that the government, regulator and the policymakers have done enough and everything to develop the capital market, more so during the last 10 years. Sebi, as a regulator, has created a very conducive environment for 360-degree development of our markets. It is important for the exchanges to play the developmental role and
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