Regulations
SEBI revamps its secondary market advisory committee- SMAC

The 17 members panel also advises SEBI on measures for reducing transaction costs, changes if required in risk management and regulatory framework in secondary market, among other issues

Market regulator Securities and Exchange Board of India (SEBI) has reorganised its Secondary Market Advisory Committee (SMAC). The SMAC that advices it on matters related to the secondary market, including suggesting steps to improve market safety, efficiency and transparency, will be headed by Jayanth R Varma, former whole time member of SEBI and a professor at IIM Ahmedabad.

 

Besides Varma, the expert panel consists of 17 members including top executives from NSE, BSE and MCX-SX, as well as government representatives.

 

Members of the committee include BSE's Ashish Kumar Chauhan, NSE's Chitra Ramakrishna, MCX-SX' Saurabh Sarkar. All of them are managing directors (MDs) and chief executives (CEOs) of their respective stock exchanges.
 

Here is the list of members of the Secondary Market Advisory Committee (SMAC)

 

Sr No

Members

Designation & Organization

Capacity

  1.  

Prof Jayanth R Varma

Professor, IIM Ahmedabad

Chairman

  1.  

Susan Thomas

Indira Gandhi Institute of Dev Research

Member

  1.  

Anupam Mishra

Department of Economic Affairs, MoF

Member

  1.  

Chitra Ramakrishna

MD & CEO, NSEIL

Member

  1.  

Ashish Kumar Chauhan

MD & CEO, BSE

Member

  1.  

Saurabh Sarkar

MD & CEO, MCX-SX

Member

  1.  

GV Nageswara Rao

MD & CEO, NSDL

Member

  1.  

PS Reddy

MD & CEO, CDSL

Member

  1.  

Naresh Tejwani

President, ANMI

Member

  1.  

Dr Naresh Maheshwari

President, Depositary Participants Assn

Member

  1.  

Anup Bagchhi

MD, ICICI Securities Ltd

Member

  1.  

Dipak Gupta

Joint MD, Kotak Mahindra Bank

Member

  1.  

Himanshu Kaji

Exec Dir & Group COO, Edelweiss Group

Member

  1.  

Anand Rengarajan

Cust Head, Direct Sec Serv, Deutsche Bank

Member

  1.  

Surinder Verma

Chairman, Citizens Awareness Group

Member

  1.  

SV Muralidhar Rao

Executive Director – MRD, SEBI

Member

  1.  

PK Nagpal

Executive Director- MIRSD, SEBI

Member

  1.  

Maninder Cheema

Deputy General Manger- MRDDoP, SEBI

Member Secretary

 

Anup Bagchi, MD of ICICI Securities and Dipak Gupta, joint MD of Kotak Mahindra Bank are also members of the committee. Anupam Mishra from the Department of Economic Affairs, Ministry of Finance, and some SEBI officials are also part of the panel.

 

The SMAC is mandated to review the developments in secondary markets, to recommend measures for changes and improvements in market structure in view of the impending changes, look into investor protection measures in the stock exchanges and suggest improvements.

User

US House adopts amendment to bar NSA from meddling with encryption standards

The measure was inserted into a defense appropriations bill and approved on a voice vote

An amendment designed to bar the National Security Agency from undermining encryption standards was approved by the House last night.

The move follows reporting last year by ProPublica, the Guardian, and the New York Times on the NSA's efforts to weaken encryption, including by influencing the development of standards by the National Institute of Standards and Technology. The stories were based on documents provided by Edward Snowden.

The amendment, sponsored by Rep. Alan Grayson (D-Fla.) and similar to one he advanced last month, bars the NSA from using appropriation funds to consult with NIST in a way that undermines security standards.

It still has a way to go before becoming law: While the House is expected today to approve the full appropriations bill that the amendment is a part of, the Senate would have to pass the same text, and ultimately President Obama would have to approve.

The amendment is separate from another one the House adopted last night that is designed to block the NSA from conducting "backdoor" spying on Americans by querying databases of foreign intelligence.

The voice vote on Grayson's amendment, co-sponsored by Reps. Rush Holt (D-N.J.) and Zoe Lofgren (D-Calif.), was preceded by a few minutes of interesting debate among Grayson, Holt, and Rodney Frelinghuysen (R-N.J.), chairman of the defense appropriations subcommittee.

Noting that he did not oppose the amendment, Frelinghuysen nevertheless rejected what he called the "allegations" that NSA had meddled with encryption standards.

"The idea that NSA has deliberately sabotaged security is ridiculous," Frelinghuysen said. "These folks know the threat we face and are helping to secure the Internet we all rely on so heavily."

Grayson and Holt cited our reporting on the NSA's efforts to undermine encryption standards.

A Grayson spokesperson cautioned it's always possible that the NSA has a classified funding stream that could allow it to continue to meddle with encryption standards.
Here is video of the debate on the amendment:


And here's the full amendment itself:

SEC. None of the funds made available by this Act may be used to “consult”, as the term is used in reference to the Department of Defense and the National Security Agency, in contravention of the “assur[ance]” provided in section 20(c)(1)(A) of the National Institute of Standards and Technology Act (15 U.S.C. 278g-3(c)(1)(A)).

Courtesy: ProPublica.org

User

MPs from Mumbai and Thane demand roll back in Mumbai suburban rail fare

Rail minister Gowda has assured BJP and Shiv Sena MPs from Mumbai and Thane of a 'positive' decision on their demand to roll back the fare hike in suburban rail fares and an announcement to this effect could be made in a few days

The Narendra Modi government has come under pressure from its own members of Parliament (MPs) to reduce the hike in the suburban rail fare in Mumbai. On Tuesday, all MPs from Mumbai and Thane from Bharatiya Janata Party (BJP) and Shiv Sena met railway minister Sadananda Gowda seeking a roll back.

 

BJP MP Kirit Somaiya said Gowda assured them of a "positive" decision on their demand, and added that an announcement to this effect could be made in a few days.

 

The recent hike in rail fares has led to a steep increase in the prices of monthly passes for Mumbai local trains. Mumbai's train network sees the heaviest rush among all suburban rail networks and is a lifeline of Maharashtra's capital and India's commercial hub.

 

The MPs said that people in their area were deeply upset about the rise in monthly fares and the railway minister 'agreed' with them that the hike of over 150% in some cases was not good.

 

"The minister said Railway Board officials will meet soon and a relief will be announced," Kapil Patil, MP from Bhivandi said.

 

The state is going to polls later this year and leaders of the BJP-Shiv Sena alliance do not want the hike to spoil their chances of winning the polls.

 

Shiv Sena chief Uddhav Thackeray has publicly flayed the decision and demanded a rollback.

 

Somiaya said Gowda has also assured them that more facilities will be provided to suburban travellers and security will be enhanced.

User

COMMENTS

suresh

3 years ago

The most important decision is to improve the services of the local trains of Mumbai which is murderously over crowded having daily causalities coupled with attack on lady commuters throwing of stone by the slum dwellers on the tracks hooliganism,dirty rail coaches and platforms dangerous level crossings,taxi touts.
improvement should come in the field of air conditioned rail locals as in metros having direct lines between karjat/panvel to church gate and between virar to CST interchanging at dadar station constructing tracks between the central and western lines which is used as dumping grounds by the railways.constructing new lines to Uran,introducing Bullet trains to nashik pune ahmedabad,goa and bangalore and hydrabad extending local lines up to dhahanu.improving the condition and accessability of the rail trminusus.introducing private participation to reduce the witing peiod during holidays and festivals. This should be done on priority to cop up with the ever increasing crowd in the trains.
more over a comparative study of the railway fares shows it is highly subsidized compared to other mode of transport and the prices should be increased over a period of time in lower classes only and increase is justified on comparative pricing and facilities,safety,minimum comfort should be increased.

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