Realising the Viksit Bharat dream by empowering India through iinancial Inclusion, Ms. Madhabi Puri Buch, Chairperson, SEBI at CII Finance 3.0 summit

The march towards the Viksit Bharat journey would be hastened by efficient utilisation of national resources which would drive economic prosperity and in effect facilitate social inclusion by ensuring that every citizen participates in the growth process. National resources would, apart from financial capital include generation of profits, reserves, taxes, among others. This was stated by Ms Madhabi Puri Buch, Chairperson, SEBI, during the Special Plenary Session with SEBI on Regulatory Landscape: What is needed for Viksit Bharat? at the Financing 3.0 Summit organised by Confederation of Indian Industry (CII) at Mumbai today. 

While elaborating on the subject, the SEBI Chairperson stated that, with monetary capability and the requisite technology, India is firmly on the path of growth and economic prosperity and is progressing firmly on the Viksit Bharat trajectory. This is very much evident from the two important sets of real time data, namely growth of taxes-GST, Advance tax etc and rising energy consumption, both of which are a testimony to India’s rising prowess.

On capital formation, Ms Buch was firm in her view that it would require provision of adequate capital to industry to fuel growth and the wealth so generated should then percolate down to the common man. The inclusion agenda is of prime importance to SEBI, averred Ms. Buch and the introduction of a Rs 250 Systematic Investment Plan (SIP), by reducing the servicing cost, is a shining example in the direction of making financial products accessible to the common man, she said.

In her address, Ms Buch underscored the importance of building scale through technology adoption in taking the market forward. The second area to drive markets is that of complexity for which an ecosystem is being developed to increase the asset classes so that there is a right product for the right person. SEBI would facilitate development of new products, in co-creation and consultation with industry, to cater to the emerging needs. The Industry Standards Forum, having industry participation, has been effective and many new steps such as single filing would be a reality soon, she stated.

Ms Buch also underpinned the importance of speed, as exemplified by digitisation of processes, as the third aspect to channelise markets and build efficiency. This, according to her, requires a definite focus and a clarity of thought. SEBI has restructured its operations to have in place a clear set of policies, protocols and procedures for the purpose.

Finally, the pathway to Viksit Bharat requires diversity of creating investor confidence by removing the language barrier. IPO prospectus should be in 15-16 vernacular languages to promote wider investor participation, concluded Ms Buch.

Mr Sanjiv Bajaj, Past President, CII, while commending the exemplary leadership of SEBI Chairperson for driving robust growth in the market even during challenging times, alluded to channelising savings towards productive financial assets through simplifying regulations and reducing transaction costs. He called for creating a strong bond market, clearing the ambiguity about asset class within REITS, InViTs, common disclosures to facilitate retirement planning, regulatory interventions to enhance the penetration of pension products, among others.

Mr Chandrajit Banerjee, Director General, CII, during his welcome address, spotlighted some of the notable achievements under the leadership of SEBI chairperson such as speeding up the settlement system through reforms, setting up of working groups for simplification of regulations, emphasis on technology, among others.

2nd September 2024

Mumbai