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1-min read

Drastic Changes Needed to Develop Debt Market, Says Former Sebi Chief UK Sinha

Former Sebi chairman UK Sinha said the corporate bond market can develop only on the back of a very vibrant government bond market.

CNBC TV18

Updated:November 18, 2019, 7:05 PM IST
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Drastic Changes Needed to Develop Debt Market, Says Former Sebi Chief UK Sinha
File photo of former Sebi chairman UK Sinha.

New Delhi: Acknowledging the fact that lack of a good debt market is a national problem, former chairman of the Securities Exchange Board of India (Sebi) UK Sinha said there was a need for drastic changes to develop the same.

In an exclusive interview with CNBC-TV18, Sinha said there are dozens of reports pointing out at how that should be done and the corporate bond market can develop only on the back of a very vibrant government bond market.

On whether there is a possible resolution for non-banking financial companies (NBFCs) under the insolvency and bankruptcy code (IBC), he said, “Global experience is that financial sector companies require a different set of rules.”

“The government is incrementally trying to test the waters,” said Sinha, adding that some financial sector companies can be tackled through the IBC mechanism.

Talking about loans against shares, he said, “In hindsight, may be things could have been looked at more a prompt and timely (manner), but the good thing is that at last, things are under control as far as the regulatory regime is concerned.

"My feeling is that the new changes which Sebi has brought about, for example, mandatory 20% in liquid assets for liquid funds, reducing sectoral caps, must-have investments only in listed commercial papers (CPs) and non-convertible debentures (NCDs) and graded exit load for first seven days... will provide a lot of comfort and safety to investors."

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