Chidambaram asks brokerages to embrace corporate culture

March 6th, 2008 - 5:35 pm ICT by admin  

A file-photo of P. Chidambaram

New Delhi, March 6 (IANS) Finance Minister P. Chidambaram has asked stock brokerages to introduce corporate culture in their working and suggested creating a separate exchange to list small and medium enterprises. The government intends to provide a favourable ambience to small and medium enterprises, the finance minister told the third International Convention of the Association of National Exchanges Members of India (ANMI) here Thursday.

The ANMI has, meanwhile, welcomed the announcement by markets regulator Securities and Exchange Board of India (SEBI) Wednesday to slash the fees payable to it before public issues and by mutual funds by up to 80 percent from April 1.

“The SEBI’s announcement in this regard would help us (brokers) to trade freely without an additional burden,” said Jitendra Kaushik, a broker registered with the Delhi Stock Exchange.

SEBI chairman C.B. Bhave had told reporters here Wednesday that the fee for filing an offer document by a mutual fund and before a public issue stands reduced to 0.005 percent from 0.03 percent subject to a maximum of Rs.30 million by a public limited company.

Tags: , , , , , , , , , , , , , , , , , ,

Posted in Business |