Suggested Reforms, Bombay Stock Exchange Enquiry Committee

In an enquiry by the Stock Exchange Committee, Mr. Jamnadas Morarji, a 27-year veteran of the Exchange, put forward several reform suggestions in a detailed written statement. He suggested certain improvements in the building of the Exchange and to ensure the technical efficiency of the Exchange, he wanted to make membership conditional on a two-year apprenticeship. He believed that if members focused on cash rather than share business, they would help control speculation and bring government securities into the market. He also suggested that blank transfers should be done away with and that the managing committee be armed with powers to stop "cornering".

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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.