Sebi has not done enough to fix capital markets

The market regulator, the Securities and Exchange Board of India, or Sebi, has a key role to play in ensuring that a larger proportion of household savings are channelled into investments. Yet Sebi has taken only tentative steps in this regard. Household savings account for over 23 per cent of GDP and over 72 per cent of all national savings. But only five per cent of household savings (about 1.2 per cent of GDP) are in shares and debentures.

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