CAPITAL MARKET REFORMS

  1. Initiated the SEBI (Substantial Acquisition of Shares and Takeovers) Regulation 2011.
  2. Initiated SEBI (Alternative Investment Funds) Regulations, 2012.
  3. Initiated the increase in minimum public shareholding for listed companies.
  4. A policy was formulated for the regulatory framework for governance and ownership of securities market infrastructure institutions on the basis of the Dr. Bimal Jalan Committee.
  5. Revised Guidelines for Exit Policy of Stock Exchanges were formulated.
  6. Initiated the policy for the creation of dedicated Trading Platforms for SMEs in 2012.
  7. Initiated the reduction of the transaction cost in Securities markets in 2012-13.
  8. Initiated the proposal for harmonising stamp duties across the states.
  9. Setup the payment system with Iran for India’s oil import.
  10. Proposed and secured approval for QFIs Access to Indian Equity Market with effect from 1st January, 2012. The announcement was hailed widely in both the Indian (both financial and non financial) and Foreign media (Wall street Journal, CNN and the Financial times, London). Six editorials were written on the announcement in the Indian dailies. Substantial interest in the scheme has been shown by residents of the gulf region who have made several representations to the government on the subject.
  11. Initiated the Liberalisation in External Commercial Borrowings (ECB) to part finance Rupee debt of existing power projects in 2012.
  12. Initiated the proposal for ECB for capital expenditure on the maintenance and operations of toll systems for roads and highways in 2012.
  13. Initiated the proposal for ECB for working capital requirements of the airline industry.
  14. Initiated Electronic Initial Public Offer (e-IPO).
  15. Initiated permission of two-way fungibility in Indian Depository Receipts.
  16. Initiated and obtained approval for Rajiv Gandhi Equity Savings Scheme. It was introduced in 2012-13 to widen the retail investor base by encouraging new retail investors to enter the market while promoting financial inclusion and depth of the capital market. This was the first distinct move aimed solely at increasing the depth in the capital market.
  17. Initiated the need to mandatorily provide offer of electronic voting facility to shareholders.

The Fitch of Poor Standards

The Economic Times

14th August 2012

The chorus for increasing the foreign direct investment (FDI) limit in the defence sector is growing louder by the day. The parliamentary standing committee on defence has also now urged the government to raise the limit to mitigate the 'steadily expanding deficiency in defence modernisation'. Yet, there is a danger that the issue will be relegated to the back burner as in the past.
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Essential elements of India’s Defence offset policy - A critique

Institute for Defence Studies and Analysis

January 2009

Offsets have been variously defined. In essence, offsets in defence, as in civil trade, are compensations that a buyer seeks from the seller for the purchase of goods and/or services. The demand for offsets in defence has exhibited an upward trajectory since the 1950s.1 It gained further momentum in the 1980s and has been growing ever since. From around 20 nations about two decades ago, this practice has now been now adopted by more than 130 nations.
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Getting the Defence Offset Policy Right

The Economic Times

5th December 2008

As defence offsets come at a cost, the mandatory offset policy would have to be dynamic for it to yield desirable results.
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