Sebi seeks nod for expansion

PRESS TRUST OF INDIA

NEW DELHI, MAR 12: The Securities and Exchange Board of India (SEBI) has written to various securities market regulatory authorities world over for expansion of the country's stock exchange terminals overseas. "We are waiting for permission from various countries regulators for expansion of stock exchanges terminals and once the permission is granted, trading from outside the county can start," SEBI chairman DR Mehta told reporters here today. SEBI had written to regulators in the US, the UK, Singapore, Hong Kong, Malaysia and countries in the Middle East.

A stock broker has to take permission of the local market regulator for trading outside India. Following finance minister Yashwant Sinha's announcement in union budget 1999-2000 for expansion of trading terminals outside India to tap non-resident Indian's money in the stock market, SEBI sought permission from respective countries' market regulators.

Mehta said with the expansion of trading terminals outside the country investors will not have to calltheir stock brokers in India for buying and selling shares.

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