Addressing the National Conclave on 'The Change Face of Financial Leadership under the aegis of Confederation of Indian Industries (CII) here, Mr Damodaran said “those regional exchanges that do not have any business can be closed, because there is no economic model to take the business forward. The number of exchanges in India should be reduced.”
In this regard, Mr Damodran observed that due to certain stringent compliance norms, accountability, demand from shareholders among other factors, companies were increasingly looking at becoming private than public.
“Ultimately they (the companies) will realise that the benefits of being private is only short term and being public is more advantageous in the long run,” he pointed out, adding a committee had been formed by Sebi to look into disclosures and accounting standards.
Further, the Sebi chief said, a National Institute of Securities Market would be set up outside Mumbai, in partnership with the private sector, to impart knowledge on the financial market on the lines of Indian School of Business in Hyderabad.