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CII to urge Sebi to reconsider carry forward ban

The Confederation of Indian Industry would urge the Securities and Exchange Board of India to reconsider its decision of proposed ban on carry forward products at the Indian bourses, CII president Sanjiv Goenka said in Bombay on Thursday.

Talking to reporters at his maiden press conference, Goenka said that CII will initiate dialogue with Sebi on the issue. Replying to a question, Goenka said that the CII will try and persue Sebi to reconsider its decision.

The capital market regulator, had proposed a ban on carry forward transactions at the bourses from July 2, when rolling settlement would be in place. The final decision on the issue would be taken on Saturday when the full board of Sebi meets.

Meanwhile, in the backdrop of the recent crisis in the financial markets, CII has also decided to set up a national task force on capital markets to review problems and loopholes in the securities markets, Goenka said.

CII task force, which would be headed by K V Kamath, managing director and CEO, ICICI Ltd, would examine the quality of regulations and suggest reforms to bring about transparency and restoration of investors' confidence, he added.

Goenka further said that the CII's overall focus for the year would be on infrastructure and competitiveness.

He pointed out that financial infrastructure was no less important and India cannot be competitive with an inefficient financial sector. The specific segments within the financial sector, which would be high on CII's priority would be debt markets, banking and pension reforms, he added.

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