Thursday, Feb 28, 2002
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By Our Staff Correspondent
Speaking to journalists at the Press Club-Tata Consultancy Services Speakers' Forum here today on `Recent developments in the capital market and role of the regulator', Mr. Mehta said, the absence of these powers were making the regulator helpless to take strong measures against erring individuals and organisations.
The changes in the capital markets have taken place due to systemic changes and various reforms instituted by SEBI. Things like 100 per cent on-line trading and computerisation, free market economy, dematerialisation of shares, market determined prices for new issues are all things that were pioneered by SEBI. Also, rolling settlement was successfully introduced. Dematerialisation of shares started with eight scrips then 18, 48, 88 and now the entire market share shifted to it. As a consequence, there is no case of forged shares, fake shares or bad delivery. "Where are the reforms in any other sector of industry other than the telecom sector? Therefore, a lot of questions have to be asked to industry," said Mr. Mehta.
Regarding reforms in the capital market, Mr. Mehta said they must be implemented over time otherwise, "the situation could become like in Argentina or Russia. Good economists do not necessarily know anything about management and the management of change is very critical," he said.
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