The SEBI Board in its meeting on June 24, 2002 considered some important issues relating to the derivative markets including:
The recommendations of the Advisory Committee on Derivatives on some of these issues were also placed before the SEBI Board. The Board desired that these issues be reconsidered by the Advisory Committee on Derivatives (ACD) and requested a detailed report on the aforesaid issues for the consideration of the Board.
In the meantime, several other important issues like the issue of minimum contract size, the segregation of the cash and derivative segments of the exchange and the surveillance issues in the derivatives market were also placed before the ACD for its consideration.
The Advisory Committee therefore decided to take this opportunity to present a comprehensive report on the development and regulation of derivative markets including a review of the recommendations of the L. C. Gupta Committee (LCGC).
Four years have elapsed since the LCGC Report of March 1998. During this period there have been several significant changes in the structure of the Indian Capital Markets which include, dematerialization of shares, rolling settlement on a T+3 basis, client level and Value at Risk (VaR) based margining in both the derivative and cash markets and proposed demutualization of Exchanges. Equity derivative markets have now been in existence for two years and the markets have grown in size and diversity of products. This therefore appears to be an appropriate time for a comprehensive review of the development and regulation of derivative markets.
The LCGC outlined the goals of regulation admirably well in Paragraph 3.1 of its report. We endorse these regulatory principles completely and base our recommendations also on these same principles. We therefore reproduce this paragraph of the LCGC Report:
"The Committee believes that regulation should be designed to achieve specific, well-defined goals. It is inclined towards positive regulation designed to encourage healthy activity and behavior. It has been guided by the following objectives:
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