New panel to advise Sebi on municipal bond market

 Sujit Prasad heads Municipal Bonds Development Committee

MUMBAI: Securities and Exchange Board of India (Sebi) has constituted a new panel – Municipal Bonds Development Committee, to  make  recommendations  on  policy  matters  pertaining  to development of  municipal  debt securities  market.

The committee, which is headed by Sujit Prasad, Executive Director,  Sebi,  has  also representatives  from  ministry, municipal   corporation, lawyers,   professionals   and  market   practitioners  as other members.

The terms of reference of the committee would include advising SEBI on issues related to regulation and development of primary and secondary market of municipal debt securities; issues pertaining to legal framework; steps to  introduce  simplification  and  transparency  in  systems  and procedures in the primary and secondary market; matters relating  to  regulation  of intermediaries  for ensuring investor protection in the primary and secondary market, and also to recommend the market regulator  on measures to facilitate issuers (i.e. municipalities) for issuance of municipal debt securities.



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