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.