Tuhin Kanta Pandey, chairman of the Securities and Exchange Board of India, on Monday urged investors not to panic amid heightened global volatility triggered by the ongoing war in West Asia.
The Sebi chief said global markets are witnessing turbulence as the conflict disrupts key shipping routes, and triggers shocks in oil and gas supply as well as prices.
Pandey was speaking at the 30-year celebration of the Nifty 50 Index at the National Stock Exchange of India.
"Amid such uncertainties, India's domestic fundamentals have continued to remain strong, providing resilience. It is important not to panic at this moment, but to remain calm amidst this storm,' said Pandey, noting that the benchmark index has navigated several phases of uncertainty and global shocks, while delivering long-term growth.
So far this year, benchmark indices have corrected nearly 8 per cent, largely due to global volatility.
The Nifty 50 has recorded a compounded annual growth of around 11 per cent, increasing nearly 25-fold since inception, Pandey noted. Highlighting the competitive yet collaborative approach among stock exchanges, the Sebi chief said developments such as common contract notes and interoperability reflect a deeper and more mature market ecosystem.
"Over these 30 years, the Nifty has become a mirror of corporate India, a barometer of investor sentiment, and a compass for the direction of our markets,' he added.
Speaking on the sidelines of the event, NSE Managing Director and Chief Executive Officer Ashishkumar Chauhan said the exchange plans to appoint investment bankers within this month for its long-awaited initial public offering (IPO).
Addressing concerns about potential delays due to the pending notification on the market regulator's decision to allow a lower public float for mega IPOs, Chauhan said Sebi has allowed NSE to proceed with a smaller float because there is no identifiable promoter.
-- Khushboo Tiwari, Business Standard
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