New Delhi, Aug 8 : Indian stock exchanges need to further reconcile their regulatory functions with market interests in order to protect and promote the interest of retail depositors, NITI Aayog Vice Chairman Rajiv Kumar said on Wednesday.
Speaking at the National Stock Exchange of India (NSE)'s silver jubilee celebrations here at which the NSE unveiled its new logo, Kumar also urged domestic capital markets to bring about better reconciliation between the Indian spot and derivative markets so as to win the confidence of small investors.
"Our exchanges perform regulatory functions and here they need to consider if there is a trade-off between that and profit maximisation," he said.
"This is required to protect the interests of retail depositors, so that the markets can go ahead with the work of inorganic growth."
The NITI Aayog Vice Chairman said that a reflection of the situation is seen in the fact that despite best efforts of the NSE, only two per cent of Indian households have come into the capital market.
"In the common Indian mind, the stock market is still a 'satta' (gambling) bazaar over which they have no control ... a place controlled only by the big players," Kumar said.
"The NSE should aim like it is in the US, for instance, where 40 per cent of the households are involved in the capital market."
Kumar noted in this regard that the size of derivatives trading in India is more than 40 times the "underlying equity trading" and called for better reconciliation between the two to boost retail investors' confidence in the stock markets.
"While the stock exchanges have done a great deal to bring the SME segment of the economy into the capital markets, the bourses need to do more to integrate more small and medium enterprises with the capital market," Kumar said.
Former Prime Minister Manmohan Singh, who was the Finance Minister when the NSE was established in 1994, was also present on the occasion, along with Union Transport Minister Nitin Gadkari and Delhi Lieutenant Governor Anil Baijal.
As per the World Federation of Exchanges, the NSE is 3rd largest exchange in the world in terms of volume of trades, while it is ranked No. 1 on index options contracts and No. 2 on currency derivatives contracts.
The NSE's new logo is a reworking of its earlier one with the addition of marigold, yellow, red and blue, symbolising integrity, excellence, trust and commitment.
"The multiple colours capture the multifaceted nature of the business, with red denoting NSE's strong foundation, yellow and orange being inspired by the marigold flower that signifies prosperity and auspicious ventures, and the blue triangle is a compass, always future-oriented and helping us find our true North," an exchange statement said.
"The new brand identity reflects NSE's multi-dimensional nature: multiple asset classes, multiple customer segments and its multiple roles including that of an exchange, regulator, educator and market developer," it added.
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New Delhi, Mar 29: The National Investigation Agency (NIA) on Friday announced a reward of Rs 10 lakh each for sharing information leading to the arrest of two key accused, one of them using Hindu names to hide identity, in Bengaluru's Rameshwaram Cafe blast case.
The agency requested the general public for information on the duo -- Mussavir Hussain Shazib alias Shazeb alias Md Juned Hussain alias Mohammed Juned Sayed and Abdul Matheen Ahmed Taahaa alias Abdul Matheen Taha alias Matheen alias Taha alias Vignesh D alias Sumit "or any other assumed Hindu name" -- wanted in the case, according to its posts on X.
Taha, aged about 30 years, has been using Hindu identity documents, forged Aadhaar card in the name of Vignesh or other similar forged ID documents to conceal identity, the NIA said.
The agency shared their pictures and identified men's/boys' hostel, PG/sharing accommodations/ low budget hotels and lodges as their preferred places of stay.
The NIA said accused Shazib, aged 30 years, prefers to wear "jeans, T-shirt and shirt" and "black smart watch".
Both Shazib and Taha often wear "mask, wig and fake beard", it said.
Whoever provides any information leading to the arrest of the accused person shall be given Rs 10 lakh reward, the NIA said in identical public notice on each of the accused, shared on X.
People can share details regarding these two accused through email at info.blr.nia@gov.in or through telephone numbers 080-29510900, 8904241100, besides the NIA's office in Bengaluru.
"Identity of (the) informer will be kept secret," it said.
In a major breakthrough, the NIA had on Wednesday arrested Muzammil Shareef, the key conspirator in the blast case.
NIA investigations have revealed that Muzammil Shareef had extended logistic support to these two wanted accused in the case, involving an IED explosion at the cafe located at ITPL Road, Brookefield, Bengaluru, on March 1.
Muzammil Shareef was picked up on Wednesday and placed in custody as a co-conspirator after NIA teams cracked down at 18 locations, including 12 in Karnataka, five in Tamil Nadu and one in Uttar Pradesh.
The NIA took over the probe on March 3.
Several customers and hotel staff members were injured, some of them grievously, in the blast, which caused extensive damage to the property.
Request for Information, Identity of the Informer will be kept Secret. pic.twitter.com/PBXPRH3DtB
— NIA India (@NIA_India) March 29, 2024
Request for Information, Identity of the Informer will be kept Secret. pic.twitter.com/JkMUWay23m
— NIA India (@NIA_India) March 29, 2024