Assocham hails FDI in bourses

New Delhi, Dec 23: Industry body Assocham has hailed the decision of RBI to permit foreign investments up to 49 per cent in Indian Stock Exchanges depositaries and clearing corporations.

In a statement issued here today, Assocham President Anil K Agarwal pointed out that with this decision, the domestic stock exchanges will face a major challenge for their reforms and do the best for the investors.

Mr Agarwal added Assocham was the first Chamber to have mooted this proposal not only to RBI and the Finance Ministry a couple of months ago but had also sought from SEBI to push for foreign investors entry to stock exchanges to the extent of 49 per cent.

He complemented the policy makers to have accepted the Chamber's proposal in the right earnest and with the spirit that follows the current requirement of liberalisation.

UNI