The Securities and Exchange Board of India (SEBI) will not only permit interest rate futures from January 2009 but also allow corporate bonds to be traded in exchanges in next 3-4 months, says Dr. T C Nair, Wholetime Member SEBI.
Releasing the ASSOCHAM Study on Derivatives and Banks : India and Abroad along with Mr. S S Kohli, Chairman, India Infrastructure Finance Co. Ltd and Mr. D S Rawat, Secretary General, ASSOCHAM, Dr. Nair further said that the market regulator would take necessary and required initiatives for creation of an independent exchange for derivatives.
The corporate bonds private placement business each day is currently between Rs.300-400 crore and if infrastructure sector has to receive a booster, approval for exchange traded corporate bonds have to be given in next couple of months to facilitate liquidity in the bond market which is currently sized at Rs.1,20,000 crore annually, said Wholetime Member SEBI.
He further pointed out that SEBI is finalizing transparent and simplified guidelines and policy framework to introduce exchange traded corporate bonds.
Source: ASSOCHAM
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