Securities and Exchange Board of India will shortly put in place a mechanism for screen-based and order-driven trading in government securities and corporate debt papers in bourses while planning to allow real estate mutual funds in the country.
"We are assiduously trying within a few days to allow G-Secs and corporate debts to be traded on-screen in stock exchanges. We are also trying for trading in interest rate derivatives also, for which we are talking to RBI (Reserve Bank of India," Sebi chairman G N Bajpai told a NRI conference on Friday.
He said India would be the first country to start rating of companies in terms of their corporate governance within a few days.
Sebi is also considering allowing real estate mutual funds in the country, Bajpai said.
In a dynamic economic scenario, the Sebi chief said, the regulators should focus on developing the markets.
"We will like to propose that the regulator should be enterprising, forward-looking and evolutionary," he said.
Referring to the collaboration of banks for sharing ATMs and the unification of bourses as it had been for Euronext, Bajpai said, "The changing paradigm in financial sector reflects convergence. Today, we are witnessing the concept of compete and collaborate."
He said there was a need to strengthen each link of the value chain involving individuals, corporates and regulators.
Bajpai said it would be imperative for them (corporates) to leverage, outsource, network and create strategic alliances with others.
He said the emergence of areas like credit derivatives, real options and securitisation, was paving an entirely fresh set of opportunities for the market.