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Comparing financial markets of India and China

  • 04 Oct 2017

    UK Sinha, Former Chairman, Securities and Exchange Board of India

    Venue: ICS Seminar Room
    Time: 3:00 PM

Abstract

While India has a longer history of functional capital markets, both China and India started market reforms process almost around the same time. But the size of the Chinese market is much bigger today than India’s. However, the market micro-structure and the regulatory system in India is more evolved and robust. Transparent laws and regulations and the practice of meaningful consultations at all stages has given the analysts, commentators and investors-both foreign and domestic, a high degree of confidence in the system. The predictability about regulatory action in case of any infringement,its objectivity and a laid down system of judicial review also gives trust regarding checks and balances and rule of law in India. In comparison, China has exhibited arbitrary and unpredictable tendencies in case of any volatility, more so in the last two years. International experience shows that deeper structural reforms rather than unilateral and inconsistent reaction to a problem are ways for sustainable development. But, it is also true that most foreign investors find the Chinese market too attractive and too large to ignore.


About the Speaker

Mr UK Sinha was the Chairman of Securities and Exchange Board of India (SEBI) from 2011-2017. From 2005 to 2001 he was the Chairman and Managing Director, UTI Asset Management Co. Ltd. and Chairman, Association of Mutual Funds in India (AMFI). He has also served as the Joint Secretary, Ministry of Finance. As a member of the Indian Administrative Service (IAS), Mr Sinha has worked in different developmental assignments in the provincial Government in Bihar. As Chairman, SEBI he undertook major reforms in the areas of Foreign Portfolio Investors, Asset Management Industry, Trading and Settlement Systems and so on. For his work, he has received several awards and recognitions.

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