Corporate bonds

Sebi revamps advisory boards on secondary markets, mutual funds and corporate bonds

Market regulator Sebi has restructured its three advisory committees relating to the secondary market, mutual funds and corporate bonds and securitisation.

Revamping its secondary market committee, Sebi listed Zerodha co-founder and CEO Nithin Kamath among the new inductees to the 17-member panel, according to the latest information on the regulator’s website.

The advisory board will now be chaired by Madhabi Puri Buch, a former full-time member of Sebi. The panel was previously led by Professor IIM Ahmedabad and former full-time member of Sebi, Jayanth R Varma.

Other panel members include Dhiraj Relli, MD and CEO of HDFC Securities; Kaku Nakhate, President and Country Head for India at Bank of America; Naresh Yadav, MD and CEO of SBICAP Securities; and Leo Puri, President, JP Morgan, South and Southeast Asia.

The panel advises the regulator on issues related to the secondary market, including suggesting measures to improve market safety, efficiency and transparency.

Regarding the Mutual Funds Advisory Board, Sebi inducted Saurabh Jain, Managing Director and CEO of Navi Asset Management Company, Aditya Agarwal, Managing Director of Morningstar India, and Aarati Krishnan, Editor-in-Chief of The Hindu Business Line.

Franklin Templeton Asset Management (India) Pvt Ltd Chairman Sanjay Sapre and Kotak Mahindra AMC Managing Director Nilesh Shah will no longer serve on the committee.
The 24-member advisory board will be chaired by Usha Thorat, former Deputy Governor of the Reserve Bank of India (RBI).

Other panel members include Tata Asset Management MD and CEO Prathit D Bhobe; Vinay Tonse, Managing Director and CEO of SBI Funds Management; Swarup Mohanty, CEO of Mirae Asset Investment Managers (India); and Sundaram Asset Management Company MD Sunil Subramaniam.

The Advisory Board’s mandate is to advise Sebi on issues related to the regulation and development of the mutual fund industry.

It can advise the regulator on the information requirements and the measures required for a modification of the legal framework aimed at introducing simplification and transparency in the regulation of mutual funds.

Also, the regulator has reconstituted its committee which proposes the roadmap for the development of the corporate bond market in the country.

The 23-member panel would be led by former full-time member G Mahalingam, Sebi.

The other members of the panel are Nilesh Shah, director of the Association of Mutual Funds of India (Amfi); Ramnath Krishnana, MD and Group CEO at ICRA Limited; Navneet Munot, MD and CEO of HDFC Mutual Fund; and SV Sastry, Deputy Managing Director, Global Markets at State Bank of India (SBI).

The panel will advise Sebi on the implementation of the recommendations of the “High Level Committee on Corporate Bonds and Securitization” and suggest measures to address operational and systemic risks, if any, in the corporate bond market. company and securitized instruments.

In addition, the regulator said its five-member Information Systems Security Committee will be headed by Prof. H Krishnamurthy, Senior Researcher, IISC Bangalore.

G Sivakumar, Professor at IIT Bombay; Dr Sivanandhan, ex-DGP, Maharashtra Police; Avneesh Pandey, CGM-IT at Sebi; and Manojan Karayi, CISO of Sebi are the panel members.

The committee will be responsible for approving information security policies and will review the implementation of the cybersecurity and resilience policy.

In addition, it will provide input, suggestions and recommendations to Sebi’s CISO to take urgent action on cybersecurity incidents of the regulator and intermediaries/entities regulated by Sebi.