Following the acceptance of the Kania Committee recommendations, the Securities and Exchange Board of India (Sebi) will implement the move towards demutualisation of bourses and set up a Central Listing Authority during the current financial year, as per Sebi chairman G N Bajpai.
Bajpai said that now it is up to the regional loss-making bourses to adopt the appropriate model for corporatisation of exchanges.
Bajpai added that the proposed Central Listing Authority would also be set up during the current financial year.
The authority would have representation from the regional bourses, he said. Speaking at the a conference on models and dimensions of corporate governance jointly organised by Ficci and Sebi here today, Bajpai said corporate governance is indispensable for resilient and vibrant markets and an important instrument of investor protection.
He said there is a pressing need for a prompt and voluntary disclosure of information about the companies and their financial performance.
