CII task force to review securities markets

MUMBAI, MAY 3. The Confederation of Indian Industry (CII) has set up a national task force under the chairmanship of ICICI managing director and CEO, Mr. M. V. Kamath, to review the problems and loopholes in the securities markets in the wake of the recent crisis in the financial markets.

The task force is expected to submit its report in the next eight weeks and examine the quality of regulations and suggest reforms to bring about transparency and investor confidence, the newly elected CII president, Mr. Sanjiv Goenka, told newsmen here today.

The CII has also set up six other task forces, including one on entertainment industry headed by Balaji Telefilms creative director, Mr. Ekta Kapoor, banking under Mr. Aditya Puri of HDFC Bank, healthcare with Mr. Analjit Singh of Max, and logistics under Mr. Rajiv Chandrashekhar of BPL. The CII has drawn out an agenda for these task forces, which would be reviewed quarterly, he said adding that the overall focus for the year would be on infrastructure and competitiveness.

For the debt markets, the CII inputs for policy and procedural reforms would be based on a study of deepening and widening the markets while the initiatives on the banking sector would primarily focus on reforms to enhance competitiveness, including privatisation and banking laws.

Mr. Goenka said the CII would actively push for a 6.6 per cent GDP growth by focussing on five important areas to achieve the growth rate.

The five pronged action plan of CII for 2001-02 would be to pursue a competitive sustainable growth and would include increasing competitiveness, infrastructure and regulatory reforms, governance, privatisation and labour, banking capital and capital markets reforms and learning to play the WTO game.

On power sector, Mr. Goenka said the CII would carry out a study with McKinsey and Arthur Andersen on reforms and best practices worldwide in this power sector. There was need for adoption of the electricity bill and reduce cross-subsidisation, he added.

- PTI

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Section  : Business
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