Sebi plans extensive reforms to woo foreigners: Pandey

THE SECURITIES AND Exchange Board of India (Sebi) is planning more reforms to woo foreign investors, including speeding up registration, reducing the cost of trading in the cash equities market and making it easier to short-sell, Chairman Tuhin Kanta Pandey said on Wednesday.

- JAYSHREE P UPADHYAY & IRA DUGAL

The moves come in a year when foreign investors have pulled out nearly $17 billion from Indian equities and the economy faces pressure from high tariffs imposed by the US on India’s exports.

“In myinteractions with foreign participants, both in India andabroad,I got the feeling that the number one (issue) is that our registration process still takes too long. It is unacceptable,’ Pandey said.“Our objective is to make it into a few days, not even a month.”

Sebi is also reviewing a swathe of regulations, including ways to make cash equity markets more liquid, and will review margins needed for such trading.