FM urges SEBI to be 'fearless' at regulator's silver jubilee - Times of India

The author has posted comments on this articleBella Jaisinghani, TNN | May 24, 2013, 06.56PM IST MUMBAI: Market regulator SEBI ( Securities and Exchange Board of India) celebrated its silver jubilee at a high-profile celebration in Mumbai on Friday. Prime Minister Manmohan Singh and finance minister P Chidambaram were part of the celebrations. A postage stamp commemorating 25 years of SEBI was released by India Post. A book tracing the history of t he Indian securities market titled 'Banyan Tree to e-Trading' was also launched. SEBI was set up by the government in 1988 to safeguard the interests of investors. It was vested with statutory powers after the SEBI Act was passed in Parliament in 1992. At Friday's function, Chidambaram urged SEBI to be a "fearless regulator, not to bend before anyone". The Prime Minister, meanwhile, realised that spiralling inflation coupled with a sluggish economy has dented the average Indian's capacity to save money. He called upon government and financial regulators to channelize domestic savings into financial assets. He said gross domestic savings, as a percentage of GDP, had decreased from 36.8 per cent in 2007-08 to 30.8 per cent in 2011-12. "In times of uncertainty, doubts often arise regarding the likely return on financial assets. Individuals prefer to hold physical assets like gold and housing," he said. He complimented SEBI for providing a "well-regulated capital market", while saying that protection of investor interest remained its main mandate. The deputy PM of Singapore, T Shanmugaratnam, was guest of honour at the silver jubilee function. Union ministers Kapil Sibal, Namo Narain Meena and Milind Deora, Maharashtra CM Prithviraj Chavan and governor K Sankaranarayanan also attended. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFhrNo7-tvC561ubE1QDb1MVrbL7Q&url=http://timesofindia.indiatimes.com/business/india-business/FM-urges-SEBI-to-be-fearless-at-regulators-silver-jubilee/articleshow/20246792.cms

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