Indian capital market is robust and can play a crucial role in achieving USD 5 trillion economy by 2025, Minister of State for Finance Anurag Thakur said on Saturday.
The exchanges and brokerages are playing a crucial role in capital formation in the country and there is a need to ensure that public faith in the capital market is not eroded due to scams and frauds, the minister noted.
"In our journey to a USD 5 trillion economy by 2025, the role of capital markets will be paramount. Indian capital markets are robust and deep and stands at par with other global markets. It is our aim and constant effort to work towards deregulation of capital market and ease of compliance for investors," Thakur said.
He was speaking at the 11th International Convention "Redefining Capital Markets – A Must for USD 5 trillion Economy" organised by ANMI (Association of National Exchanges Members of India) here.
Capital market plays a significant role in building the economy as it channelises domestic saving into long term financial assets, Thakur added.
"We welcome suggestions with regard to various aspects of compliance reforms so that there is ease of access of FDI in Indian capital market. I compliment Sebi, the exchanges and the board of ANMI for working on the compliance review report, which will definitely help in enhancing the ease of doing business in India," the minister said.
The compliance review report is aimed at ensuring ease of trading by reviewing all compliance requirements to trade in stock markets on the basis of four criteria — addressing outdated and duplicate compliances, clarity on conflict compliances and bringing rationale to compliance system.
ANMI, an association comprising around 900 stock brokers from across the country, is of the view that a structured policy approach and continuous reforms in various sectors, including financial sector reforms, can help in achieving USD 5 trillion economy by 2025.