Bourses should reconcile regulatory, market interests: NITI Aayog
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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Kerala enters silence campaigning phase; Candidates make last-mile outreach
Thiruvananthapuram (PTI): Kerala on Wednesday entered the mandatory silence period ahead of the April 9 Assembly polls, with candidates and party workers making last-ditch efforts to reach out to voters through door-to-door visits and personal contacts.
After nearly a month-long campaigning period, a total of 2.71 crore voters would exercise their franchise to decide the fate of 883 candidates in the crucial polling for the 140-member Assembly to be held on Thursday.
With high-decibel campaigning ending on Tuesday evening, the focus has now shifted to quiet, direct voter engagement, as candidates seek to secure support from all sections of voters in their constituencies.
Prohibitory orders have been imposed in sensitive constituencies to prevent any untoward incidents, while distribution of polling materials is being carried out across the state from Wednesday morning.
According to the Election Commission, campaigning through public meetings, rallies, media interactions and election-related interviews is strictly prohibited during the silence period to ensure a level playing field for all stakeholders.
In an advisory, the Commission directed star campaigners and political leaders to refrain from addressing the media through press conferences or interviews on poll-related matters during this period. Of the total 2.71 crore voters, 1.32 crore are men, 1.39 crore women and 273 transgender persons, along with over 2.42 lakh overseas voters.
The contest is primarily among three fronts -- the CPI(M)-led LDF, the Congress-led UDF and the BJP-led NDA.
The state's Chief Electoral Officer, Rathan U Kelkar, has said that all arrangements have been put in place for the smooth conduct of polls.
A total of 30,495 polling stations have been set up across Kerala, including 24 auxiliary booths created following the Special Intensive Revision of electoral rolls, he said.
These additional booths are located in Kasaragod, Kannur, Palakkad, Malappuram and Ernakulam districts.
Among the polling stations, 352 will be managed entirely by women and 37 by persons with disabilities, Kelkar said.
He added that 140 distribution and collection centres have been established, while counting will take place at 140 strongrooms and 43 locations.
As part of security measures, around 2,000 persons identified as potential troublemakers have been placed under preventive detention. Authorities have also executed about 11,000 non-bailable warrants and removed over 3,400 social media posts for alleged violations of poll norms.
The conclusion of public campaigning on Tuesday evening saw a vibrant display of political mobilisation across the state, with roadshows, rallies and processions filling town centres, marked by party flags, drum beats and slogan-shouting workers.
Apart from traditional canvassing, political parties also relied heavily on television, print media and social media platforms to reach voters during the campaign period.
