Brokers seek better status
BROKING body Anmi is seeking recognition as the first-level regulator for investors and a greater say in policy-making for the broking industry.
Anmi urged government to engage in healthy discussions with the broking industry on important policy decisions and tax framework.
Association of National Exchanges Members of India (Anmi), the leading pan-India body of around 900 stock brokers, urged the government to allow it the status of a Self-Regulatory Organisation (SRO).
Rajesh Baheti (in pic), president, Anmi, pointed out that “currently brokerages and intermediaries are not even given the status of industries and considered a responsible source of advice or policy feedback”, though they have played a big role in bringing about many structural changes in the market.
“The broking industry plays a pivotal role in India’s progress and it’s high time that the industry should be given its due recognition by a say in policymaking and the role of a first-level regulator for the industry. Providing an SRO status to the industry will lead to enhanced supervision, fair conduct, ethical practices and investor protection. This, together with the policy reforms, would provide further impetus for growth for our capital markets,” Baheti added.
Naresh Tejwani, convener of the ANMI Convention, said, “With evolving times, disruptive technologies are bound to trigger disruptive growth in the capital market industry as well.
The Anmi convention brings together all stakeholders of this industry under a single roof to identify the early indicators of the disruptions and be better prepared for the future growth by leveraging this era of disruption.”
“Moreover, though all transactions in the industry are transparent, but the industry still is burdened with multiple taxes and levies. We, therefore, require and request that the government should engage with us to evolve a stable tax framework for the capital markets as part of the Direct Tax Code that is in the making,” he said.
The capital market intermediaries, including the broking community has played a massive part in this transformation, be it distribution of third- party products, or facilitating direct investments into our stock markets, Baheti said.