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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Congress slams Modi govt over Manipur unrest
New Delhi (PTI): The Congress on Friday attacked the Modi government over the situation in Manipur, accusing it of being apathetic and remorseless.
In a post on X, Congress president Mallikarjun Kharge noted that Manipur started burning exactly a year ago on May 3, 2023.
"Humanity perished in Manipur The cruel combination of an apathetic Modi Government and an inept BJP State Government have virtually divided the state into two halves.
"A remorseless PM Modi has not set foot in this border state, for it exposes his rank incompetency and absolute indifference. His ego has damaged the social fabric of a beautiful state," he charged in a post on X.
Kharge noted that the people of Manipur, from all communities now know how the BJP made their lives miserable.
"People of Northeast, now know that Modi Government's shameless drumbeating about so called development drowned the voices of humanity in the region. People of India, now know that PM Modi and his Government has no iota of sympathy for the countless lives they destroyed in Manipur," the Congress chief said.
He claimed that more than 220 people have been killed, 60,000 people have been displaced and thousands, including women and children, still continue to languish in camps.
"Women were raped, paraded and horrific violence took place, but the PM kept quiet. Only after outrage, that the PM bothered to pay lip-service in August 2023, which now reverberates hollow," he alleged.
Our security personnel are getting martyred. Police trainees of two communities shot at each other and arms and ammunition were looted, he claimed.
In January, we witnessed, how an armed group coerced MPs/MLAs to attend a meeting at the heavily guarded Kangla Fort, where @INCManipur President was brutally assaulted and tortured, he said.
Kharge claimed that there is no semblance of governance in Manipur and that law and order has collapsed.
"With deep sense of sadness, we pay our tribute to the countless innocent lives who suffered this unimaginable violence and who are still suffering, searching for a glimmer of hope for peace to return.
"Due to the BJP, normalcy and peace evades Manipur," the Congress president alleged questioning the silence of the Modi government and the prime minister on the situation in the north eastern state.
Congress general secretary Jairam Ramesh accused the prime minister of abandoning the people of Manipur and outsourcing the management of the state to the Home Minister, who, he charged, has proved to be "hopelessly inadequate, insensitive, and incompetent".
"Exactly a year ago today, Manipur erupted - or more accurately, was made to erupt by the cynical and divisive politics of the ruling BJP," he alleged.
"Hundreds of people have been killed, thousands have been displaced, and Manipur’s communities now live in a deep-rooted suspicion of each other.Security forces themselves are routinely attacked and armed militias enjoying official patronage rule the roost...What is astounding is that just fifteen months earlier in the assembly elections the BJP and its allies had received a thundering mandate. That mandate evaporated on May 3rd 2023 entirely because of the BJP's own (mis)calculations and manipulations," he said.
Even amidst this "civil war-like situation", the prime minister has been eloquent in his silence, Ramesh said criticising Modi for not visiting Manipur even for a few minutes, even though he has been to Assam, Tripura, and Arunachal Pradesh for his campaign.
The Congress leader charged that the situation in Manipur today is the doing of the Modi Sarkar’s policy of ‘Bluff and Rule,’ which has characterised its actions in the Northeast.
"It is a shortsighted policy that prioritises stringing communities and stakeholders along for as long as possible, without meaningfully addressing their concerns. It has blown apart the social fabric of Manipur, and it is now blowing apart Nagaland as well. The voter turnout in six districts of Eastern Nagaland, which went to polls in Phase I of the Lok Sabha elections, was a very high zero - which even the Election Commission could not revise to a higher number. The PM has talked of trailers: Manipur is itself a trailer of what the BJP will do to our wonderful diversity, he said.
"The pain and agony of the people of Manipur is the pain and agony of the people of India. RahulGandhi has visited Manipur twice in the last year, and the Bharat Jodo Nyay Yatra began in Imphal on the 14th of January, 2024. Today is a day when we empathise with the people of all sections of Manipur society and hope that peace and social harmony will once again return soon," he added.
