SEBI Chairperson Engages with Brokers Industry Standards Forum (ISF) Members
SEBI Chairperson, Smt. Madhabi Puri Buch, held discussions with participants from the Brokers Industry Standards Forum (ISF) today.
In a subsequent media interaction, she commended the forum, established in September 2023, for its noteworthy accomplishments over the past four months in providing practical recommendations on standards and guidelines for implementing regulatory directives. She emphasized that when market practitioners themselves propose standards, potential implementation challenges are addressed at the outset.
Vijay Mehta, President of the Association of National Exchange Members of India (ANMI), expressed satisfaction that their recommendations were acknowledged by authorities and conveyed eagerness to collaborate responsibly with the regulator.
Kishor Kansagra, Chairman of Bombay Stock Exchange Brokers Forum (BBF), stressed the significant responsibility of the entire broking community and expressed commitment to offering practical solutions in their inputs to regulatory authorities.
Narinder Wadhwa, President of the Commodity Participants Association of India (CPAI), highlighted the benefits of collaborative efforts between the industry and regulatory authorities, ensuring effective issue resolution during the design stage and smooth execution of directives.
About Brokers ISF:
Established on a pilot basis in September 2023, the Brokers ISF aims to recommend industry standards for implementing various regulatory directives. In less than five months, the forum has convened on eighteen occasions, dedicating substantial time and effort to propose standards on regulatory and operational aspects of stockbroking activities. SEBI’s circulars have incorporated recommendations from the Brokers ISF in regulatory communications.
Anchored by broker member associations such as ANMI, BBF, and CPAI, the Brokers ISF includes participants from Market Infrastructure Institutions (Stock Exchanges, Clearing Corporations, and Depositories), representatives of Qualified Stockbrokers, High-Frequency Trading Firms, Custodians, and other entities.
The current office bearers of the Brokers ISF are Shri Nirav Gandhi (co-chair, Member Association side), Shri Piyush Chourasia (co-chair, Market Infrastructure Institution side), and Shri Uttam Bagri (Sherpa).