Time to be among top 'powerhouse' markets globally: NSE chief

Dec 15 2013, 17:47 IST
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NSE's chief said that time has come to unleash changes by govt, regulators & exchanges to realise the potential. NSE's chief said that time has come to unleash changes by govt, regulators & exchanges to realise the potential.
SummaryNSE chief said that time has come to unleash changes by govt, regulators & exchanges to realise the potential.

Confident of the Indian stock market becoming one of the "really large powerhouses" of the world, top bourse NSE's chief Chitra Ramkrishna says that time has come to unleash a new set of changes by the government, regulators and exchanges to realise this potential.

"This will not only help India meet lofty goals of being among the top markets globally, but also make it competitive and attractive for large sovereign wealth funds and large long-term funds from abroad for capital inflows," Ramkrishna, MD and CEO of National Stock Exchange (NSE), told PTI.

NSE, which is celebrating its 20th anniversary this year, is the country's largest stock exchange and this position was attained by it after just one year of commencing operations.

"We have the potential and it is time to get our acts together to be among the real big powerhouses in this business.

"These things do not happen just by intent, but also require lots of conscious actions that we take, be it policy decisions, legislation, creating institutions, etc. We need to go about it in a very planned and systematic fashion," said Ramkrishna, who figures on the Fortune list of the 50 most powerful business women in the world.

She has been part of NSE every since its inception in 1993 and took over as MD and CEO earlier this year after serving in various other leadership positions.

Asked about NSE's 20-year journey, Ramkrishna said: "In the last two decades, a major part of the journey of NSE has to do with the journey of Indian economic reforms."

"We had the benefit of participating in this process and as a new institution we were also able to be a catalyst. So new products, new processes and a lot many new things became possible because we were a new entity and we were created with a new policy architecture.

"But none of these would have borne fruit, had we not been part of an economic reform process. In summary, we can say NSE has been an instrument as well as beneficiary of the last two decades of larger economic reforms," she said.

Talking about the path ahead for NSE and the overall Indian capital markets space, the NSE chief said: "We can definitely say today that India is one of best markets in the world and the transformation that has taken place from the time it was in 90s has been

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