ANMI likely to be first SRO for mkt advisors

The Association of National Exchanges Members of India (ANMI) is likely to be the first self regulating organisation for investment advisors in the capital market.

"I hope ANMI will become the first self regulating organisation (SRO)," Finance Minister P Chidambaram said addressing an international convention of ANMI here.

Complementing steps taken by ANMI to train capital market advisors and formulate a model code of conduct, Chidambaram said he expects an early clearance to the SRO application of ANMI by Securities and Exchange Board of India (SEBI).

SEBI is in the process of recasting regulations for SROs to incentivise them and to make regulations more market friendly.

Chidambaram said Indian capital market has given 40% return consistently from 2005-06 to 2007-08. "India has the most attractive capital market in the world," he added.