SEBI Chairperson Madhabi Puri Buch: When standards are proposed by the market practitioners themselves, many wrinkles in implementation are ironed out at inception
Ashish Kumar Chauhan, MD and CEO, NSE with SEBI Chairperson Madhabi Puri Buch at the NSE building on Monday
FinTech BizNews Service
Mumbai, January 29, 2024: SEBI Chairperson Smt. Madhabi Puri Buch today interacted with the participants of the Brokers Industry Standards Forum (ISF).
During a media interaction post the meeting, she said: “The brokers ISF setup in Sep 2023 has done a commendable job in the past four months in giving implementable recommendations on standards and guidelines of implementing regulatory directives.”
“When standards are proposed by the market practitioners themselves, many wrinkles in implementation are ironed out at inception,” she added.
Vijay Mehta, President of Association of National Exchange Members of India (ANMI) said: “We are glad that our recommendations have been appreciated by the authorities. We look forward to being responsible partners of the regulator.”
Kishor Kansagra, Chairman of Bombay Stock Exchange Brokers Forum (BBF) said: “This is a matter of great responsibility of the entire broking community, and we look forward to providing implementable solutions in our inputs to the regulatory authorities.”
Narinder Wadhwa, President of Commodity Participants Association of India (CPAI) said: “When industry and regulatory authorities work together, it solves issues in at the design stage itself and ensures smooth execution of the directives.”
About the Brokers ISF
The Brokers ISF was setup in September 2023 on a pilot basis to recommend industry standards to implement various regulatory directives. Over a period of less than five months, the Forum has met on eighteen occasions and spent considerable time and energy in recommending standards on various regulatory and operational aspects of the workings of stockbroking activities. Various circulars of SEBI have quoted the recommendations of the Brokers ISF while issuing the regulatory communications.
The Brokers ISF is anchored by broker member associations viz. Association of National Exchange Members of India (ANMI), Bombay Stock Exchange Brokers Forum (BBF) and Commodity Participants Association of India (CPAI). Apart from the broker member associations, the members and participants of the Brokers ISF are the various Market Infrastructure Institutions (Stock Exchanges, Clearing Corporations and Depositories), representatives of Qualified Stockbrokers, High Frequency Trading Firms, Custodians and other entities.
The current office bearers of the Brokers ISF are Nirav Gandhi (co-chair Member Association side), Piyush Chourasia (co-chair Market Infrastructure Institution side) and Uttam Bagri (Sherpa).
