Capital market must expand by more than 12% to align with Viksit Bharat objectives: SEBI member Kamlesh Varshney

The Association of National Exchanges Members of India (ANMI) recently wrapped up its 13th International Convention, held in New Delhi, on Saturday.

According to a press release, the event, themed "Bharat: A Global Hub of Opportunities," brought together over 900 trading members from leading Indian stock exchanges, regulatory authorities, and industry leaders to deliberate on strategies to expand India's capital market.

The convention featured insightful sessions focusing on Mega Trends in the Indian Capital Markets for the Next Decade, India's Economic Ascent, and Technology Enablers in Capital Markets.

Renowned experts in the finance sector engaged in motivating discussions and provided valuable insights into the future of Indian capital markets.

A key highlight of the event was the presence of Kamlesh Varshney, Whole Time Member, SEBI, who emphasized the importance of reforms, innovation, and investor trust in achieving targeted capital market growth.

Varshney highlighted SEBI's initiatives, including the development of a cyber-security framework, and encouraged brokers to implement these measures to enhance investor confidence.

He stressed that the Capital Market must expand by more than 12 per cent to align with the objectives of Viksit Bharat.

Key factors for achieving this targeted growth include a strong emphasis on reforms, innovation, leveraging technology, and fostering investor trust.

Varshney highlighted SEBI's proactive measures in enhancing cybersecurity by developing a comprehensive framework, which has been shared with the industry.

He urged brokers to implement this framework to ensure the security and integrity of the market.

Furthermore, he recommended adopting a "Critical Path Method" to streamline processes and identified investor trust as a pivotal element in propelling the growth of Indian Capital Markets.

As a significant contribution to the convention, Varshney released an insightful report titled 'Roadmap for Inclusive Development of Indian Capital Markets,' providing valuable perspectives on the future trajectory of the market.

Ashish Chauhan, MD and CEO of NSE, also delivered a compelling speech, emphasizing the role of stockbrokers as catalysts for growth and the importance of investing in NIFTY for wealth creation and the future growth of India.

Chauhan drew an interesting parallel between the renowned Warren Buffett in the U.S. and India's Nifty, emphasizing the latter as a key driver for wealth creation.He strongly recommended investing in NIFTY for the future growth of the nation and the prosperity of investors.

Chauhan provided noteworthy statistics, revealing that nearly 9 crores depositories with unique PAN numbers are currently registered with NSE, constituting 20 per cent of India's households.

He ambitiously set a target to achieve 100 per cent coverage, underscoring the NSE's commitment to broadening participation in the market.

Highlighting the pivotal role of stockbrokers, Chauhan identified them as catalysts for the envisioned growth.

He asserted that achieving a market cap of USD 50 trillion in the next two decades is contingent on the emergence and success of tech-driven startups, which are anticipated to be the primary drivers of wealth creation in India.

Top of FormHe set a target to increase the number of registered depositaries with unique PAN numbers to 100 per cent to expand market participation.

During the convention, ANMI released an insightful report on the Roadmap for Inclusive Development of Indian Capital Markets, outlining strategies to promote sustainability, inclusion, education, and transparency within the capital markets arena.

The report underscored ANMI's commitment to driving inclusive growth and fostering a vibrant capital market ecosystem in India.

Dr Vijay Mehta, President of ANMI, commended the riveting discussions held at the convention and highlighted India's economic prowess and its shining presence on the global stage.

He reiterated ANMI's dedication to prioritizing sustainability, technology, inclusion, and transparency in the realm of finance and investment.Mehta said, "At our 13th International Convention, we celebrated India's capital markets which is full of opportunities. 

With a strong economy, advanced technology, and rich culture, India is shining globally. 

Just last month, over 5.4 million new investors joined the market, and as of February 9th, we had nearly 161 million registered investors. 

Moreover, our pledge today reaffirms our stance that we are committed to prioritizing sustainability, technology, inclusion, and transparency in the realm of finance and investment."

Hemant Kakkar, Convenor and Chairman of ANMI, echoed Dr Mehta's sentiments, emphasizing the convention's focus on exploring ways to boost India's global economic status through capital market initiatives.

He praised the innovative solutions presented at the event and underscored ANMI's commitment to driving growth and development while ensuring inclusivity and transparency.

Kakkar, "At the 13th International Convention, we successfully explored how India's capital markets could boost our country's global economic status. 

Discussions on upcoming trends, India's economic growth, and the adoption of new technologies were insightful and the innovative solutions presented at the convention are bound to take India's capital markets to new heights. 

The members' pledge to embrace innovation, sustainability, inclusion, and transparency was a positive step and showed our dedication towards envisioning a brighter future for India's economy."

The convention concluded with a sense of optimism and determination as ANMI and its members reaffirmed their commitment to driving the growth and development of Indian capital markets.