The Finance Minister, Mr P Chidambaram, on Thursday suggested that many more stock broking houses in the country should turn into public listed companies rather than remain as private entities.
As the Indian markets grow and globalise, there will be need for Indian broking houses to become public listed companies so that professional management could come into these companies, Mr Chidambaram said at the third annual conference of the Association of National Stock Exchange Members of India (ANMI) here on Thursday.
He also said that this would require breaking from the age-old tradition and moving away from family-controlled businesses.
Mr Chidambaram also advised stock brokers to look into doing business in global markets. “You must tap the participants in other markets,” he said.
While highlighting that Internet has obviated the need to set up offices abroad, the Finance Minister stressed the need to help small broking houses to take advantage of online trading. The Finance Minister suggested that stock exchanges must provide infrastructure for small broking houses.
The Finance Minister said the Government would continue to take more steps to strengthen, deepen and broaden the capital markets, reports The Hindu Business Line.
Source: Moneycontrol.com
Friday, March 7, 2008
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