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Concerned over erosion of confidence among small investors, Finance Minister P Chidambaram today asked Sebi to regulate the market fearlessly to protect their interests, and not to "bow" or "bend" before anyone.
"Win confidence of small investors. Its when a small investor says my money is safe in the financial market because I have Sebi watching over my money, that is the day when Sebi would have achieved its objective," he said.
In his message to Securities and Exchange Board of India, which is celebrating its Silver Jubilee, Chidambaram said Sebi should increase its strength and be a fearless regulator.
"The final message is be a fearless regulator. Bend before no one, bow before no one, be a fearless regulator," he added.
He also asked Sebi to scale up its human resource. "The country, the economy and the market are too large and are poised to become larger. We need far more than 600 men and women to regulate the stock market," Chidambaram said.
The Minister praised Sebi for the work done in the last 25 years for regulating the stock markets.
The volatility in the stock markets is keeping small investors away. The government and Sebi have taken various steps to win over the confidence of retail investors.
