This is the first message I am addressing the members as President of ANMI. While ANMI has been endeavouring to be a catalyst for change for the interest of its members it has also directed its role and activities to maintain and enhance the systemic integrity of the market. ANMI believes that it is in the best interest of all its Members when the market environment is by and large safe and secure for the investment. In its relations with the regulators ANMI has recognized that they are responsive to its presentations / representations when they are logical in approach and the suggestions address the issues concerning the market .
This brings me to the main point of my message which is the constant debate between risk mitigating regulations and rule based regulations. It is important to have a definite measure of rule based regulations as otherwise the markets could witness major fluctuations as was witnessed recently when risk based regulations are relied upon. However rule based regulations do have its limitation. ANMI however recognises that rule based regulations assist in containing market risk and maintaining market integrity.
As I start my tenure as President, I need your continued support along with suggestions if any for improvements to regulations but recognising that interest of investors need to be protected in the Capital Market. . We in ANMI would bring all such viable suggestions for the consideration of regulators. .In order to provide the required focus on different areas sub-committees have been formed and each committee will focus as an important segment of the Capital Market. Members can give their suggestions to the Chairman of the Committee on issues concerning the Capital Market.
We met the SEBI Chairman Mr. U K Sinha recently and requested SEBI’s support for ANMI for the ASF AGM to be held later this year. He assured SEBI’s support and wished success of the program. He stated that SEBI is always open to consider any suggestion as the regulators concerning the Capital Market if such suggestions have merit and are good for the market development. Mr. P K Nagpal and Mr. S Raman –ED‘s SEBI, were also present in the meeting.
SEBI is presently in the process of finalizing changes to the IPO process wherein ANMI has also submitted its recommendations. We understand that the matter is in final stage and SEBI is likely to announce the same shortly.
We also met with the Managing Directors of all four major exchanges and apprised them of our ASF AGM plans. We left enthused with their offers of support.
In respect of the NSE Circular dated 26 –04 –2012, the exchange officials explained the reasoning behind the circular. ANMI will once again be meeting NSE with its recommendations based on our discussions with them.
You are all aware of the strides made by ANMI to further International relations through our counter parts abroad. For the first time ANMI will host the Annual General Meeting of the Asian Securities Forum (ASF) between the 22nd to 24th November 2012 in Mumbai. A detailed program will be placed in our website www.asf2012.in shortly. Further ANMI will also host the Annual General Meeting of Asian Forum of Investor Education (AFIE) in New Delhi. This will be another prestigious International Event to be organized by ANMI.
However ANMI International relations are not about conventions and events alone. We realise that interactions with our cross border exchanges and likeminded Associations and learning about how ANMI can leverage on their experiences will greatly help ANMI in its co–ordination with the regulators in India. This year we will focus on expanding our contacts with exchanges around the Asia – Pacific Rim and Central Asia and including countries in the Arabian Peninsula. Besides this, it will also help our members to leverage opportunities abroad.
With Warm Regards
President - ANMI