कमोडिटी बाजार में पारदर्शिता की कमी नहीं, विकास की दिक्कतों पर वर्किंग ग्रुप बनाया

सेबी चेयरमैन तुहिन कांत पांडेय ने कहा है कि कमोडिटी बाजार में अब पारदर्शिता की कमी नहीं है। इस बाजार के विकास में जो दिक्कतें आ रही हैं, उन पर वर्किंग ग्रुप के गठन के साथ-साथ जीएसटी और अन्य मुद्दों को सुलझाने के प्रयास चल रहे हैं। सेबी चेयरमैन ने ये बातें सीपीएआई के वार्षिक अधिवेशन में पत्रकारों से बातचीत में कहीं।

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Transcript

00:00Sir, Commodity market, grow up to be a lack of transparency.

00:06When the service has a charge of transparency,

00:10what is the most important thing that you can see?

00:14The biggest thing is that the most important thing is that

00:18the most important thing is that the most important thing is that

00:21transparency is not a lack of transparency.

00:23and this is the question of the service of the sale

00:27where houses are stored in the market

00:31which are in the delivery of the commodities

00:33does it audit the market

00:35or do you have a team

00:37that has been inspection?

00:39Yes, commodities market

00:43transparency is

00:45and there is no

00:47development of market

00:49further development of market

00:51so

01:20So one thing we have built a working group in which we have all the factors.

01:26And this working group has farmers and farmers' representatives of the government.

01:31Because there are many FPO's that work.

01:35But there are some factors.

01:37Margining is a factor.

01:40And also regulations are a factor.

01:43And states are a factor.

01:46in sable mission

01:48pe working group ki recommendation

01:50jldi hi a jayengi

01:52do working group us mein kam kare

01:53or eek issue

01:56ye bhi hai ki kuch agriculture

01:58commodities hai

01:59us mein humnne ban kiya hua

02:01is mein ki commodities

02:03derivatives nahi hai

02:05unpe bhi

02:08study ki gai hai

02:10sebi ke

02:11sebi ke jariye karwai gai hai

02:14exchanges ne bhi karwai hai

02:15aur un

02:17study se yeh pata chalta hai

02:20que derivative markets

02:22properly regulated

02:25woh chal sakti hai

02:27in commodities mein bhi

02:29kon kon si commodities vaapis se renon jau sakti

02:32nahi

02:33sari launch ho sakti hai

02:35unmein se dekha ja sakti hai

02:36lekin main chiz hai ki

02:38joh ek concern hai ki

02:40derivative market ke kars

02:43excessive speculation ke karen

02:45price mein

02:46parak ae ga

02:47to

02:48us ke

02:49us ko mitigation

02:51karli ke lye ke lye

02:51us concerns ko

02:53karne ke lye

02:54bhi upai

02:55hain

02:55to is liye

02:57meire khal

02:57se humnne markets

02:58ko further develop

03:00karna chahiye

03:01kyunki

03:01price discovery

03:03ke lye

03:03nahi

03:03to

03:33And there are a general general GST to viciousness of some of the issues, because the GST sector is IGST and SDST, CGST and SDST are coming out.

03:52But this is where it is, because the trader is participating in the contract where it is.

04:01So in all parts of this GST, there is an alternative to IGST, which we can do with IGST.

04:11Because the incidence will remain.

04:13It will be the same because it will be one contract.

04:17The electronic gold receipts, there is also a GST,

04:23which we can do with IGST,

04:25then it will not be passed on,

04:27because it will not be able to give input tax credits.

04:31Because it will be extra cost,

04:33it will not be the viability of the contracts.

04:37In all these issues, there are a GST,

04:41a few issues that are related to our regulations,

04:44a few issues that are related to our regulations,

04:46a few issues that are related to general education.

04:49Because if the market and industry has more participation,

04:53then the market will be better.

04:55So we have the same concerns,

04:56commodity consumers, producers,

04:58all of them will also be able to get the contract.

05:01There are three buckets in broadly,

05:04commodity derivatives and issues.

05:06And all of them, we have to give them a working group.

05:09The non-agriculture working group,

05:11the working group of working group,

05:13that will be the same.

05:14Okay.

05:15And all of them,

05:16the issues that emerge are,

05:18in a structured way,

05:20we have to talk about the tax authorities,

05:23which is the tax authorities.

05:26And where the SEBI and the exchanges are,

05:29we will see.

05:30The big issues in the exchanges,

05:34like the turmeric issues,

05:36the black pepper,

05:38the delivery issues.

05:40The delivery issues,

05:42you need to be audited,

05:44you have to plan on the budget.

05:45Because delivery is a big deal,

05:47the credibility exchanges are down.

05:50No, not a big deal.

05:51You can't have to take the issues.

05:52You can't do that.

05:53Because you can't do that.

05:54You can't do that.

05:55You can't do that.

05:56Because you can't do that.

05:57Because there are many issues.

05:59There are many things that are bigger.

06:00The transparency is bigger.

06:02The WDRA is also bigger.

06:04The WDRA is also bigger.

06:05The WDRA is also bigger.

06:07The non-agriculture one.

06:08The non-agriculture is bigger.

06:09The development of the development.

06:10So, I think,

06:11time is, because worldwide, China, US, where you can see, commodities markets, equity markets

06:21are big.

06:22Yes, absolutely.

06:23So, here, commodities markets, which are barriers, that are barriers, that are barriers

06:30to work with.

06:32And if there are concerns, that are concerns for the proper regulatory approach, we are

06:37ready to do.

06:39Sir, are there any updates?

06:41On the government consultations regarding the loan banks, insurers, pension funds on equity

06:45commodity derivatives?

06:46No, in that regard, we are concerned with regulators.

06:51Sir, are you also working to engage institutional invested interest in commodity derivatives,

06:58non-equilibrios?

06:59Do you have any groups to do this?

07:02Yes.

07:03Sir, also, while I understand that SETI does not comment on individual cases, but there have

07:07been some instances of tech glitches also at one of the major commodities exchanges.

07:11Are you looking at it or is something being talked about right there?

07:16Every exchange, if there is a technical flaw, we have an SOP.

07:21And within that, the SOP is there.

07:23And also, there are stiff penalties if your glitches are going beyond that.

07:29We are also looking into a systemic issue, analyzing every root cause analysis and bringing out commonality

07:38of root cause analysis across the glitches to find out how we can secure our technology better.

07:47So, there is also, we are going to constitute another working group on how is going to be our next technological

07:56frontier in our exchanges going forward next five years, next 10 years, and benchmark them

08:05with the best in the world or evolve newer methods.

08:09But, every glitch is taken extremely seriously, and there is a root cause analysis which has

08:17to come within a certain number of hours to SEBI.

08:20Thereafter, there is a detail, there is a scot in every exchange which has to go in.

08:27And we have to find out whether there is a commonality across glitches or not.

08:32But, we also recognize that the glitches do occur, sometimes due to very, you know, past

08:41technological changes in various jurisdictions of the world.

08:45And we also keep track of that in different jurisdictions, why it is happening.

08:52For example, why it happened in a very important exchange like the CME in US or in other exchanges.

09:01And also to see and learn the lessons from there.

09:05But, importantly, we can also learn a lot of lessons by the common analysis of the root

09:12cause analysis, RCA's, whether something more which needs to be done in terms of prior anticipation

09:20of how we can avoid those glitches in the first place.

09:24Sir, is this particular working group that you're talking about, is, you know, being formed as

09:28a cautionary measure or a reaction to what is happening?

09:30No, this is more in the nature of forward-looking measure.

09:35Because major technologies are going to come and are going to see.

09:39So, we also have to do that approach.

09:41Because whenever such investments will be needed by our market infrastructure institutions,

09:47they will have to plan now and it will take time for them to do.

09:51So, we should know that next 2 years, 3 years, 5 years, 10 years, how is that investments going

09:57on to go?

09:58Because these are not quick fixes.

10:00In many cases, if you do technological upgradation, there would be some medium to long-term projects

10:07as well.

10:08And certain major investors may be required.

10:12Once we see that, you know, we have to go towards that direction.

कमोडिटी बाजार में पारदर्शिता की कमी नहीं, विकास की दिक्कतों पर वर्किंग ग्रुप बनाया – सेबी चेयरमैन

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