Sebi overhauls advisory panels on FPIs, social stock exchange
NEW DELHI: Capital markets regulator the Securities and Exchange Board of India (Sebi) has restructured its advisory committees pertaining to foreign portfolio investors (FPIs) and social stock exchange.
Rejigging its FPI Advisory Committee, Sebi has said former finance secretary Hasmukh Adhia will now chair the 16-member panel. It was earlier headed by K V Subramanian, former chief economic adviser to the government of India.
Chew Hai Jong, Managing Director at GIC, and Michael Drumgoole, Managing Director - Direct Custody and Clearing at JPMorgan, are the new inductees, an update with Sebi showed.
Earlier, Madhav Kalyan of JPMorgan Chase Bank, was part of the 15-member committee formed by Sebi in August.
The committee has been entrusted with the task of advising the capital markets regulator on measures to facilitate ease of doing business by FPIs in India as well as encourage their participation in the bond market.
Other terms of reference of the committee include review investment avenues available for FPIs and advise on feasibility of new investment avenues. The panel is required to recommend measures for simplification of FPI regulations and to advise on custodian-related matters pertaining to such foreign investors.
With regard to social stock exchange, Sebi has inducted Anil Kumar SG, Founder & CEO, Samunnati Financial Intermediation & Services; Santosh Jayaraman Global HeadSustainability, HCL Tech; Pushpa Aman Singh, Founder and CEO of GuideStar India; and Hemant Gupta, Managing Director at BIL Ryerson Technology Startup Incubator Foundation, among others.
TV Mohandas Pai, Chairman of Manipal Global Education and former director of Infosys; Roopa Kudva, MD of Omidyar Network India; and Girish G Sohani of BAIF Development Research Foundation are no longer part of the committee.
The 18-member committee will now be headed by R Balasubramaniam, chairman of Grassroots Research and Advocacy Movement. It was earlier chaired by Ishaat Hussain, a director at SBI Foundation and former finance director at Tata Sons.