SEBI notice to all Stock Exchanges to amend their by-laws

SEBI has issued a directive to the presidents of all stock exchanges to amend their by-laws and articles of association within a specific timeframe. This move is aimed at making the governing boards of these exchanges more representative. According to the directive, SEBI now requires that the governing boards must consist of 50 percent non-broker public representatives. This decision follows a series of meetings between SEBI and exchange officials intended to reform market operations and improve transparency.

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There was another resounding market crash. The prices early dropped from 5 to 30 points and the sales exceeded 7.5 million dollars but a moderate rally in the afternoon wiped out half the previous declines. The rally was partly due to the recovery of the Chicago wheat pit, where early losses of about 4 cents per bushel were reduced to less than 2 cents.

Trading in the Bombay cotton exchange continued to be dull. The switching up of transactions from Broach April-May to July-August contract was the main feature. Price movements were narrow in the absence of important operations.

SEBI has enlisted the expertise of prominent India-born economists, including Raghuram Rajan, Marti Subramanyam, and Kaushik Basu, to overhaul India's corporate debt market. The advisory committee recommends allowing trading in euro bonds, establishing a repo market, and introducing "debt managers" to provide two-way quotes. The panel also advocates for a more liberal view on short selling to enhance liquidity and suggests bringing private debt placements by unlisted companies under SEBI's jurisdiction.