SME exchange likely by year-end: Damodaran

January 31, 2008 14:58 IST

Source:PTI

The stock-exchange exclusively for small and medium enterprises is likely to be set up by this year-end, Sebi Chairman M Damodaran said on Thursday.

"We will put in place an SME exchange. This should hopefully happen in the year 2008," Damodaran said, while inaugurating the 5th Annual Conference on Capital Markets organised by the Federation of Indian Chambers of Commerce and Industry in Mumbai.

The Sebi Board has already given an in-principle approval for the proposal in its last meeting, he said.

"A large number of regional stock-exchanges

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have come up with proposals to start an exchange for SMEs. We are not too sure whether they are the right candidate -- we will look at those who are capable of putting up an exchange," he said.

Sebi, however, would not like fragmentation and hence would not want more than one SME exchange, he said.

Damodaran also said all fines and penalties imposed and received by Sebi would go into the Investor Protection and Education Fund after the Sebi Act is amended.

Source: PTI
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