Sebi’s weak exchange

Given that Sebi’s board could have accepted all the recommendations of the Bimal Jalan committee on stock exchanges, Monday’s decision to reject some of them is a good one. So, Sebi has rejected the cap on profits of stock exchanges recommended by the Jalan committee as well as the one that didn’t allow stock exchanges to list—with Sebi plumping for allowing an exchange to list, though not on itself, this gives a vital exit route to investors, albeit after three years.

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