Sebi chief U K Sinha to meet Arun Jaitley tomorrow

Jul 02 2014, 20:55 IST
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Sebi chairman U K Sinha will meet Finance Minister Arun Jaitley tomorrow and is likely to suggest steps to improve investment climate.(Reuters) Sebi chairman U K Sinha will meet Finance Minister Arun Jaitley tomorrow and is likely to suggest steps to improve investment climate.(Reuters)
SummaryThe meeting assumes significance as Arun Jaitley is gearing up to present his maiden Budget in Parliament on July 10.

Days ahead of the Budget, Sebi chairman U K Sinha will meet Finance Minister Arun Jaitley tomorrow and is likely to suggest steps to improve investment climate with a view to garner household savings in capital market.

In his presentation, sources said Sinha will press for measures to increase participation of retail investors in mutual fund and equity market.

The meeting assumes significance as Jaitley is gearing up to present his maiden Budget in Parliament on July 10.

Sebi has been pressing that there is a need for uniform tax treatment of retirement related investments irrespective of the investment routes - pension products launched by mutual funds or the retirement funds managed by the government's EPFO (Employees' Provident Fund Office).

To help channelise more funds for long-term investment purposes, the marekt regulator has suggested to the government that it allow all PSUs to park their surplus cash in mutual funds.

The current norms permit only Navratna and Miniratna Central Public Sector Enterprises (CPSEs) to invest in public sector mutual funds.

There are about 45 fund houses present in the country with total assets worth over Rs 10 lakh crore, but fund mobilisation has been tough in the past couple of years and Sebi is of the view that their asset base has potential to rise to Rs 20 lakh crore within five years.

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