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 |
Prof Jayanth R Varma | Professor, IIM Ahmedabad | Chairman | |
Susan Thomas | Indira Gandhi Institute of Dev Research | Member | |
Anupam Mishra | Department of Economic Affairs, MoF | Member | |
Chitra Ramakrishna | MD & CEO, NSEIL | Member | |
Ashish Kumar Chauhan | MD & CEO, BSE | Member | |
Saurabh Sarkar | MD & CEO, MCX-SX | Member | |
GV Nageswara Rao | MD & CEO, NSDL | Member | |
PS Reddy | MD & CEO, CDSL | Member | |
Naresh Tejwani | President, ANMI | Member | |
Dr Naresh Maheshwari | President, Depositary Participants Assn | Member | |
Anup Bagchhi | MD, ICICI Securities Ltd | Member | |
Dipak Gupta | Joint MD, Kotak Mahindra Bank | Member | |
Himanshu Kaji | Exec Dir & Group COO, Edelweiss Group | Member | |
Anand Rengarajan | Cust Head, Direct Sec Serv, Deutsche Bank | Member | |
Surinder Verma | Chairman, Citizens Awareness Group | Member | |
SV Muralidhar Rao | Executive Director – MRD, SEBI | Member | |
PK Nagpal | Executive Director- MIRSD, SEBI | Member | |
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.
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