|  |  |  |  | 

Business News Sourced Wired

SEBI Chairman backs FDI, assures to safeguard local interests

New Delhi, Sept 18 (ANI): The Chairman of the Securities and Exchange Board of India (SEBI), Upendra Kumar Sinha, on Tuesday welcomed the government’s decision to introduce Foreign Direct Investment (FDI) in the retail sector, and assured that private companies entering the Indian market would be watched carefully.

Speaking to reporters after a meeting of the National Stock Exchange (NSE) here, Sinha said SEBI would take all precautions to protect the interests of the small retailers.

“If you look at the government’s programme, they have announced a programme for disinvestment upto about Rs. 30,000 crores. We also feel the investment in the country by private entrepreneurs and private sector has been very little. This year, hardly Rs. 1200 crores have been raised so far. If you look at the size of the economy and the need of the market, the need is very much there. So, our measures will be towards providing confidence to the people across the length and breadth of the country,” he said.

The SEBI chief added that the body was closely monitoring the market and has devised measures to protect retail investors.

“Our effort will be to ensure that we get more depth in the market and the market also gets large number of investors. Many measures that we proposed today will be towards that, at the same time assuring everybody that we are watching the market very carefully, so that the interest of the retail investor is not compromised,” Sinha added.

Earlier on Friday, the government gave its nod to FDI in multibrand retail, causing widespread furore across political spectrum, including among its key allies. (ANI)