The Ministry of Company Affairs (MCA) has formed a committee to advise the government on the Bimal Jalan report. The committee would comprise 15 members, with Renuka Kumar, joint secretary, MCA, as the chairman. The committee will have members from the Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), Institute of Costs and Works Accountants of India (ICWA) along with one representative each from the BSE, NSE, CDSL and NSDL.
Industry bodies, including CII, Ficci and Assocham, will also have representation on the committee. The first meeting of the committee will be held on May 23.
The Jalan Committee was formed by Sebi to review the ownership and governance of market infrastructure institutions like stock exchanges, depositories and clearing corporations.
The committee, in its report, has recommended against the listing of stock exchanges apart from the capping of profits of stock exchanges and a higher networth requirement for clearing corporations.
