The Sebi-appointed Bimal Jalan committee will submit a report on ownership and governance structure of stock exchanges to the market regulator later this month.
The report assumes importance in the wake of rejection of application of MCX-SX by Sebi to launch a bourse for equities trading on the ground that it violated shareholding norms.
“The Committee’s work is in final stages and it expects to submit the report to Sebi in the third or fourth week of this month,” Jalan said in an email reply.
The market regulator Sebi has constituted the committee under former RBI governor Bimal Jalan to review ownership and governance structure of market infrastructure institutions, including stock exchanges.
“The emerging market microstructure and the evolving role of market infrastructure institutions call for a review of their ownership and governance structure to ensure that they remain relevant and effective,” Sebi had said while constituting the committee earlier this year. The committee had sought opinion of market participants whether the present ownership restrictions on stock exchanges and other market infrastructure institutions needed review.
