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Sebi chief rings alarm bells on economy

In an uncharacteristically hard-hitting assessment of the policy gridlock, the country’s capital market regulator on Friday made a distress call to revive investor interest and check the slowdown.

“There is an overall feeling of anger and rejection,” Securities and Exchange Board of India (SEBI) chairman UK Sinha said while delivering a speech at a financial seminar here on Friday. “I would like to highlight that there are some reforms which have long been pending, and one which was mentioned a short while ago — the pension reform. It has been years and years together that some of the reforms, which have been on the anvil for almost a decade, are yet to come through,” Sinha said.

“And that is something — a matter for all of us to ponder very seriously that how long can we go on deferring this? We all know the story of what happened in the retail sector FDI, the PFRDA and the pension reforms,” he added.

According to the head of the capital market watchdog, there is an urgent need to push for reforms if the policy-makers want to revive investor interest and stem the fall in the growth rates, which, till a few years back, was among the highest in the world. The Sebi chief was referring to the change in the economic scenario in the last 4-5 years when India’s growth rate fell from a high of over 9 per cent to less than 6 per cent.

Interestingly, Sinha’s statements come less than 24 hours after the government was once again forced to put off a decision on the pension reforms bill after Trinamool Congress opposed some of the clauses in the proposed guidelines.

In an uncharacteristically hard-hitting assessment of the policy gridlock, the country’s capital market regulator on Friday made a distress call to revive investor interest and check the slowdown.

“There is an overall feeling of anger and rejection,” Securities and Exchange Board of India (SEBI) chairman UK Sinha said while delivering a speech at a financial seminar here on Friday. “I would like to highlight that there are some reforms which have long been pending, and one which was mentioned a short while ago — the pension reform. It has been years and years together that some of the reforms, which have been on the anvil for almost a decade, are yet to come through,” Sinha said.

“And that is something — a matter for all of us to ponder very seriously that how long can we go on deferring this? We all know the story of what happened in the retail sector FDI, the PFRDA and the pension reforms,” he added.

According to the head of the capital market watchdog, there is an urgent need to push for reforms if the policy-makers want to revive investor interest and stem the fall in the growth rates, which, till a few years back, was among the highest in the world. The Sebi chief was referring to the change in the economic scenario in the last 4-5 years when India’s growth rate fell from a high of over 9 per cent to less than 6 per cent.

Interestingly, Sinha’s statements come less than 24 hours after the government was once again forced to put off a decision on the pension reforms bill after Trinamool Congress opposed some of the clauses in the proposed guidelines.

 

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Posted by on Jun 8 2012. Filed under Business India News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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