SEBI Chairman Highlights Bengal's Rising Role in Capital Markets
Kolkata/New Delhi, October 31: SEBI Chairman Tuhin Kanta Pandey has pointed to West Bengal's growing participation in India's capital markets, while reiterating the regulator's focus on market access and investor protection.
Addressing the Bharat Chamber of Commerce Investors Forum in Kolkata on Saturday, Pandey said the Securities and Exchange Board of India is working continuously to make markets more accessible, efficient and flexible.
He said the regulator is giving priority to supporting capital formation, improving the ease of doing business and safeguarding investors. Over the past decade, India's market capitalisation has expanded notably, with companies raising more than Rs 10 lakh crore a year on average through equity and debt issuances.
“Strengthening markets for businesses and protecting investors are equally vital priorities for us,” Pandey said. He stressed that global-standard markets must remain efficient during normal periods and stay strong in times of stress.
Focusing on Bengal, the SEBI chairman said the number of investors in the securities market has climbed from around 12 lakh in FY2015 to more than 90 lakh. Close to 36 per cent of these investors are under 30 years of age.
The state has 379 listed companies with registered offices within its borders. In addition, more than 40 MSMEs from West Bengal have entered the capital markets and collectively raised over Rs 1,400 crore through SME IPOs.
Pandey explained that SEBI has taken several steps to simplify and reduce the cost of raising funds, with the aim of cutting unnecessary compliance burdens and enhancing operational efficiency. These steps include streamlining IPO processes, shortening rights issue timelines, making listing conditions for large companies more reasonable, allowing post-listing ESOPs subject to conditions, and reducing the listing timeline for public issues.
The regulator has also permitted debt securities with lower face values and relaxed the mandatory merchant banking conditions for eligible companies pursuing private placements.
He concluded that financial education and investor safety are paramount, as aware investors are the first line of protection in any market.
“Building world-class capital markets does not just mean achieving larger market capitalisation, higher trading volumes or quicker transactions,” Pandey said. “The true yardstick is how effectively markets connect savings with productive investment, help businesses raise capital and offer investors a chance to take part in economic growth.”