ANMI releases India’s first ‘Compliance Review Report 2020’ to enable Ease of Doing Business in Capital Markets

- The Compliance Report was unveiled by Shri. Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs, Govt. of India - The report has been initiated via SEBI, Exchanges and ANMI for fast-tracking compliance reforms - 4-pillars of compliance reforms suggested in the report for greater ease of doing business in Capital Markets

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@ Vikas Sharma | Sr Journalist

New Delhi: The executive summary of India’s first ‘Compliance Review Report 2020’ was unveiled by Shri. Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs, Govt. of India, at ANMI 11thInternational Convention held in New Delhi today. Shri. Anurag Singh Thakur was the chief guest at this convention.

The Compliance report was initiated by Ministry of Finance via SEBI, NSE, BSE, MSEI together with ANMI for fast-tracking the process of Ease of Doing Business (EoDB) in Capital Markets, as envisaged by the Government of India.

Shri. Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs, Govt. of India, said:

“In our journey to a 5 trillion economy by 2025, the role of Capital markets will be paramount. Indian Capital Markets are robust and deep and stands at par with other global markets. It is our aim and constant effort to work towards deregulation of capital market and ease of compliance for investors. We welcome suggestions with regard to various aspects of compliance reforms so that there is ease of access of FDI in Indian capital market. I compliment SEBI, the exchanges and the board of ANMI for working on the compliance review report, which will definitely help in enhancing the ease of doing business in India”

Trading on stock markets require market intermediaries and participants to fulfil a number of compliance requirements. While new compliances are framed as per requirements, the old compliances need to be suitably substituted or removed. The purpose of the report is to ensure ease of trading by reviewing all compliance requirements to trade in stock markets on the basis of the four criterions, namely:

  1. Addressing ‘Outdated compliances’
  2. Addressing the problem of ‘Duplicate Compliances’
  3. Getting clarity on ‘Conflicting Compliances’
  4. ‘Bringing Rationale to Compliance’

Elaborating on the objectives of the compliance report, Mr. Vijay Bhushan, President ANMI, said: “This report marks the beginning of rollout of a series of reforms and is in accordance with the vision of Hon’ble Prime Minister to bring about greater ease of doing business which is now being extended to the Capital Markets. Review of compliances will encourage participation from Domestic and Global investors to trade on Indian Capital Markets.

The reform agenda should also include providing a level playing field to Indian Capital Markets by way of optimizing the cost of transactions in line with other Global Financial Markets.”

Mr. Bhushan also reiterated ANMI’s commitment to support the government in its efforts to mobilise investments, including the landmark initial public offering of LIC Ltd. announced recently. “The Broking Industry has always taken the lead in driving India’s progress and will continue to support the government in all its initiatives. On behalf of entire Capital Market ecosystem and the Board of ANMI,I would like to state that it would be our endeavour to mobilize 1 Crore investors for LIC initial public offer and unlock the true potential of India’s crown jewel, akin to the Saudi Aramco in the Middle-East and Apple’s public listing in the US, he said”.

This year’s ANMI convention, which is based on the theme of ‘REDEFINING CAPITAL MARKETS: A Must for $5 trillion Economy”, provides a global interactive forum to the industry representatives from India and across the world to discuss the changes needed in India’s Capital Market to enhance its contribution to the economy. The objective is to mobilise the entire industry to join hands for taking forward the government’s economic objectives. At the same time, the convention sought to put the much-needed Capital Market reforms crucial on the fast track.

Speaking about the convention, Mr. Hemant Kakkar, Convener of the ANMI 11th International Convention, said,” The ANMI Convention created an industry-government interface at this most crucial juncture when the government is taking proactive and bold measures to stimulate growth and mobilise investments for the economy. The deliberations at the conclave focussed on the immediate measures and structural changes needed for attracting foreign investors, stimulating growth and development of alternate investment classes and for enhancing retail investor participation from rural pockets of India. I am confident that the takeaways from Convention will help in charting out the roadmap for Capital Market reforms and its growth in the medium to long-term.”

The ANMI 11th International Convention was attended by top ranking officials from Ministry of Finance, Regulator, Exchanges, Depositories, Technology Providers, Thinkers, Leading Market Participants and Industry Leaders.

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