The government today discussed with the stock exchanges and other stakeholders a new set of rules for ownership and governance of the bourses, proposed by a Sebi-appointed committee last year.
At the meeting, held by Ministry of Corporate Affairs and attended by representatives from various bourses, industry chambers, accounting bodies and other market entities, the government sought a roadmap by May 30 for segregation of regulatory and commercial roles of the exchanges.
A Sebi-appointed committee, chaired by former RBI Governor Bimal Jalan, had suggested last year sweeping changes in the way stock exchanges are owned and run and strongly recommended capping their profitability and not allowing them to get listed to safeguard their front-line regulatory role.
However, the proposals met with stiff resistance and Sebi sought the government's suggestion before implementing them.
Subsequently, the Ministry of Corporate Affairs has set up a committee under its Joint Secretary Renuka Kumar to discuss the Japan panel's recommendations with various stakeholders.
In its first meeting here today, the committee discussed segregation of regulatory and commercial roles of the stock exchanges to avoid any conflict of interest between the two functions, as also other matters pertaining to the listing and ownership pattern of the bourses, sources said.
The meeting was attended by Madhu Kannan, Ravi Narain and Joseph Massey, chiefs of three bourses BSE, NSE and MCX-SX respectively, as also representatives from industry chambers, accounting bodies and other market entities.
