Publication:
India : Role of Self-Regulatory Organizations in Securities Market Regulation

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dc.contributor.authorWorld Bank
dc.date.accessioned2013-03-14T15:30:27Z
dc.date.available2013-03-14T15:30:27Z
dc.date.issued2007-06
dc.description.abstractThis Note identifies four main theoretical options for securities markets self-regulation in India, based on precedents from international markets. There is no single 'right' approach - the note outlines three options that employ Self Regulatory Organizations (SROs), which could be viable solutions for Indian capital markets. These are: (1) Restructure the existing Exchange SRO system to create a joint SRO subsidiary of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The new entity would be responsible for both market and member regulation. The Exchanges provide an existing platform for SRO functions that works reasonably well. This platform includes a governance structure, professional management, experienced staff, documented programs and procedures, and IT tools. But this option raises all of the issues on conflicts of interest at Exchange SROs. (2) Hybrid structure: NSE and BSE retain responsibility for market regulation, and create a new independent SRO for member regulation. This option is very similar to Association of National Stock Exchange Members of India's (ANMI's) proposal to create a member-based SRO (but the SRO should not be based on a trade association because of the significant conflicts of interest). It is based on the idea that supervising members is best done by a central regulator, but that regulating its own market is essential to an Exchange's market quality and brand. (3) New central independent SRO for both market and member regulation. A single independent SRO is theoretically the cleanest and efficient solution. But it is difficult to develop and in fact is only now in the process of being implemented in the USA and Canada.en
dc.identifierhttp://documents.worldbank.org/curated/en/2007/06/16450195/india-role-self-regulatory-organizations-securities-market-regulation
dc.identifier.doi10.1596/12720
dc.identifier.urihttps://hdl.handle.net/10986/12720
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectCENTRAL INDEPENDENT SRO
dc.subjectEXCHANGE MARKET QUALITY
dc.subjectEXCHANGE SRO SYSTEM
dc.subjectHYBRID SRO STRUCTURE
dc.subjectJOINT SRO SUBSIDIARY
dc.subjectSECURITIES MARKETS SELF-REGULATION
dc.subjectSRO
dc.subjectSRO MEMBERS
dc.subjectSELF-REGULATORY ORGANIZATION
dc.titleIndia : Role of Self-Regulatory Organizations in Securities Market Regulationen
dspace.entity.typePublication
okr.date.disclosure2012-07-10
okr.date.doiregistration2025-05-07T11:44:17.189500Z
okr.doctypeEconomic & Sector Work::Policy Note
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/2007/06/16450195/india-role-self-regulatory-organizations-securities-market-regulation
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeGovernance
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid166951468042018599
okr.identifier.externaldocumentum000425962_20120629172908
okr.identifier.internaldocumentum16450195
okr.identifier.report70357
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/06/29/000425962_20120629172908/Rendered/PDF/703570PNT0P10200SRO0Policy0Note2007.pdfen
okr.region.administrativeSouth Asia
okr.region.countryIndia
okr.sectorFinance :: Capital markets
okr.themeFinancial and private sector development :: Standards and financial reporting
okr.themeFinancial and private sector development :: Corporate governance
okr.topicPublic Sector Regulation
okr.topicRegulatory Regimes
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicPrivate Sector Development::Emerging Markets
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.topicPublic Sector Development
okr.unitFinance & PSD Unit (SASFP)
okr.volume1 of 1
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