The Primary Market Advisory Committee (PMAC) of the Securities and Exchange Board of India (SEBI) has reportedly been reconstituted by the market regular. The panel primarily advises the regulator on its structure of policies and on how it can improve the initial offerings provided to the public.
SEBI announced that the committee/panel would consist of 23 members and headed by the Chairman of the Manipal Global Education Services T.V. Mohandas Pai.
The panel will also include other prominent personalities in the market such as Sunil Sanghai, Founder and CEO of Nova Dhruva Capital, Vikram Limaye, MD and CEO of NSE, Keki Mistry, Vice-Chairman and CEO of HDFC and Ashish Chauhan, MD and CEO of BSE.
The committee also includes top officials from SEBI, Reserve Bank of India (RBI) and the Ministry of Corporate Affairs as representatives. According to reports, a full-time member, the Executive Director and the Chief General Manager of SEBI will be representing the market regulator in the panel. In the same line, Dr S.K. Kar, Chief General Manager of RBI will also be part of the advisory committee.
The advisory panel plays a significant role in advising the market regulator on issues concerning the legal structure of various policies. The primary objective of the committee is to simplify procedures and ensure transparency in the markets.
SEBI has also mandated the PMAC to advise on issues concerning the procedures for intermediaries in a move to ensure that investor interest is safeguarded in the primary market.