New Delhi: Finance Minister P Chidambaram said on today, Indian capital markets are facing many concerns including low level of retail participations, which needed to be addressed urgently.
Chidambaram said, it is important that all our institutions maintain the highest ethics and highest standards of probity. An ethics deficit can bring down the entire financial system as we have seen in the past.
NDF is a forex derivative instrument, traded over the counter and operated in currencies that are freely convertible unlike the rupee. The rising volumes of rupee trade in the NDF abroad could adversely affect value of the domestic currency.
P Chidambaram also said, Improvement of financial sector competitiveness and optimal use of exchange infrastructure for investment classes are other areas which need urgent attention and Referring to the recommendations of the Financial Sector Legislative Reforms Council (FSLRC), Chidambaram said as passing legislation on the suggestions will take time; it has been decided to implement the non-legislative ones first.
Chidambaram said if the Standing Committee does not submit its report by end of the current session, the government will have to promulgate the ordinance for the third time. The Winter Session is scheduled to conclude on December 20.
Bureau Report
Leave a Reply