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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Wayanad LS bypoll: Priyanka crosses lead achieved by Rahul in 2024 Lok Sabha polls
Wayanad (Kerala) (PTI): Top Congress leader Priyanka Gandhi Vadra was on Saturday comfortably cruising towards her maiden electoral win from Wayanad in Kerala, as she surpassed the lead achieved by her brother Rahul Gandhi in the 2024 Lok Sabha polls earlier this year with party leaders and ally IUML predicting a big win for her amid the counting trends.
The Congress-led UDF's candidate from this hill constituency, Priyanka, extended her lead by over 3.8 lakh votes after five hours of counting of the ballots in the Wayanad Lok Sabha bypoll, according to the Election Commission.
Reacting to the lead achieved by Priyanka, Congress' ally Indian Union Muslim League and Telangana Chief Minister A Revanth Reddy said she would get more votes than her brother Rahul Gandhi in the Lok Sabha polls in April this year and will win by a record margin.
"An amazing first trend on counting day is the massive early lead for our leader @priyankagandhi ji in Wayanad, Kerala, by-election. People of Wayanad are surely going to record in victory margins today and Priyanka ji will make Parliamentary debut with a grand win," Reddy said in a post on 'X'.
IUML supremo Panakkad Sadiq Ali Shihab Thangal said that going by the trends, Priyanka will get more votes than what Rahul got and the majority she achieves would also be higher than that of her brother.
A similar view was expressed by IUML's national general secretary P K Kunhalikutty.
On the other hand, BJP leader Anil K Antony, earlier in the day, had claimed that though Priyanka has achieved a good lead, her victory margin would be less than what Rahul got in the 2024 and 2019 LS polls in the hill constituency.
According to the latest EC figures, Priyanka had a lead of 3,82,975 with 5,78,526 votes. LDF's Sathyan Mokeri was behind her with 1,95,551 votes and NDA's Navya Haridas was in the third spot with 1,04,947 votes.
Rahul had got 6,47,445 votes and won by a margin of 3,64,422 votes against his nearest rival, CPI's Annie Raja, in the LS polls this year. In 2019, he had got 7,06,367 votes and had won by a margin of 4,31,770 votes.
After winning from Rae Bareilly in Uttar Pradesh as well, in this year's polls, Rahul vacated the Wayanad seat, and the party nominated his sister Priyanka, paving the way for her electoral debut.
The bypoll turnout in Wayanad, which has over 14 lakh registered voters, was around 65 per cent, a decline from the close to 74 per cent in the LS polls held in April this year and much lower than the over 80 per cent turnout in the hill constituency in the 2019 general elections.
The counting of votes commenced at 8 am with postal ballots being taken up first.
The strong rooms, where the EVMs were kept, were opened more than an hour before counting began.
The bypoll for the Wayanad Lok Sabha seat was held on November 13.
Of the 16 candidates who contested, the main contenders are Priyanka, ruling CPI(M)-led LDF's Sathyan Mokeri, a political veteran, and BJP-headed NDA's Navya Haridas.
