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Jaitley flags merger of watchdogs for equities, commodity futures

Mon, Sep 28, 2015, 11:36 AM
Mumbai, Sep 28: Finance Minister Arun Jaitley on Monday rang the symbolic opening bell to mark the merger of two markets watchdogs -- the Forward Markets Commission for commodity futures with the Securities and Exchange Board of India -- at a function here.

While the commodities futures regulator was set up in 1953, the stock and debt markets regulator was set up in 1988 as a non-statutory body and later became an autonomous and fully-independent institution in 1992.

"This merger indicates how the size of our markets have grown and how India has now become more aspirational," Jaitley said at the function at the Trident hotel in downtown Mumbai. "It also reflects how sectoral challenges have changed."

The finance minister said India has to continue to change, evolve and reform. "Our nation is no longer satisfied with 6-8 percent band of growth," he said, adding that this had become even more compelling since the world today was looking at India differently with much expectation.

SEBI chairman U.K. Sinha said the priority post the merger would be to develop trust in India's commodities market. "All steps will be taken to develop the market," he said.

Jaitley had indicated an earley merger of the watchdogs in his budget speech earlier this year.
Agency: IANS
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