SEBI chief expresses anguish over delay in reforms

A frustrated capital market regulator went public with his disappointment at the slow pace of decision making at the Annual Skoch Summit in Mumbai.

"It has been years and years together that some of the reforms that have been on the anvil for may be almost a decade they are yet to come through...and that is something a matter for all of us to ponder very seriously that: How long can we go on deferring this," SEBI chairman UK Sinha 

While Sinha called for a revival of the reform process he also cautioned against building too much hope on the Now deferred PFRDA bill, which he feels wont address the real challenges of the pension sector.

Sinha also voiced concerns over the back and forth on FDI caps in crucial sectors like insurance. Remember the insurance bill was deferred after the government decided to push for a higher FDI cap going against the standing committee’s recommendation of 26%.

“While lot of things are happening in the Insurance sector but the proportion where foreigners can invest in the sector that is not getting solved there are a number of other examples,” Sinha says.

While issues like FDI cap are linked to political sensitivities, Sinha expressed his disappointment on tardy execution in sectors like coal and power.

The SEBI chief is not offering a new prescription to revive growth. His message echo's what corporate India, economists and the average Indian have been crying for: faster decision-making and effective execution.