Capital market regulator Securities and Exchange Board of India (SEBI) has reconstituted its Secondary Markets Advisory Committee (SMAC) by replacing four of its existing members, ET has learnt from a committee member. A formal announcement about the change in composition of the committee will be made shortly.
The 17-member SMAC is of significance to the regulator, as it advises SEBI in devising a policy framework pertaining to the secondary market. According to officials, a similar exercise is expected for other committees, including the Primary Market Advisory Committee (PMAC).
JR Varma, a professor at IIM-Ahmedabad, will now head SMAC, succeeding PG Apte, former director, IIM-Bangalore. Besides Mr Varma, other members of newly-constituted SMAC are UK Sinha, CMD, UTI Asset Management, Susan Thomas of IGIDR, and EMC Palaniappan, president, Association of National Exchanges members of India (ANMI). Mr Apte, Surjit Bhalla, MD of Oxus Investments and Chinubhai Shah, chairman and president of Gujarat Investors and Shareholders Association will not be part of the reconstituted panel. Also, the strength of SEBI officials in the committee has been reduced to four from five.
Among committee members, Ravi Narain, MD of NSEIL and Hinesh Doshi, vice-president of Investors’ Grievances Forum (IGF) will be representing the committee for the third consecutive term. Newly-appointed Madhu Kannan, MD and CEO of the BSE will be representing the bourse.