/ -- Broking body seeks its due recognition as a partner in India's progress; also, recognition as the first-level regulator for brokers, at the 10th International Convention on Capital Markets
Urges government to engage in healthy discussions with the broking industry on important policy decisions and tax framework
Association of National Exchanges Members of India (ANMI), the leading pan India body of around 900 stock brokers, is seeking an active role alongside the government and the market regulator Securities and Exchange Board of India (SEBI), in policymaking for the Capital Markets.
During its '10th International Convention on Capital Markets' held on January 12th, 2019 in Mumbai, ANMI urged the Government to allow it the status of a Self-Regulatory Organisation or a SRO. The ANMI convention, which was based on the theme of 'Capital Markets in the Age of Disruption', provided a global interactive forum to the industry representatives from India and world over to take a stock of many such evolving patterns currently dominating the Indian Capital Market Industry and also to deliberate on the future course and the impact on businesses.
Elaborating on the Convention theme, Mr. Naresh Tejwani, Convener of the ANMI Convention, said, "With evolving times, disruptive technologies are bound to trigger disruptive growth in the Capital Markets as well. The ANMI convention brings together all stakeholders of this industry under a single roof to identify the early indicators of the disruptions and be better prepared for the future growth by leveraging this era of disruption."
Mr. Rajesh Baheti, President, ANMI, pointed out, currently, brokerages and intermediaries are not even given the status of an industry or considered a responsible source of advice or policy feedback though they have played a big role in bringing about many important structural changes in the markets. He further added, "The Broking Industry plays a pivotal role, as a partner, in India's progress and it is high time that the industry be given its due recognition by a say in policy making and the role of a first-level regulator for the broking industry. Providing an SRO status to the industry will lead to enhanced supervision, fair conduct, ethical practices and investor protection. This, together with the policy reforms, would provide further impetus for growth of our capital markets."
ANMI has been sharing important recommendations each year for the consideration of policymakers, but policies are framed without any consultation with the broking industry, though it is an integral part of the Capital Markets.
"Moreover, though all transactions in the industry are transparent, the industry still is burdened with multiple taxes and levies. We, therefore, require and request that the government engage with us to evolve a stable tax framework for the capital markets as part of the Direct Tax Code that is in the making," Mr. Baheti said.
The ANMI 10th Capital Markets Convention was attended by a cross-section of experts from exchanges, technology providers, thinkers, leading market participants and industry leaders from across the world. Shri Suresh Prabhu, Hon'ble Union Minister of Commerce & Industry and Civil Aviation also addressed at the convention.
About ANMI
Association of National Exchanges Members of India (ANMI) is a pan India body comprising of the trading members across country of National Stock Exchange of India Limited (NSEIL), Bombay Stock Exchange (BSE) and other exchanges having national presence. ANMI is the only Indian Capital Market Forum recognized all over the world. It is a member of ICSA, the Asian Securities Forum (ASF) and Asia Forum for Investors Education.
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