Bhave made this suggestion to Pratip Kar, senior executive director of Sebi, at a strategy session on equity market development organised here today by the ICC. Kar, who had earlier detailed how Sebi's measures had introduced greater transparency in corporate reporting, welcomed the idea of detailed websites. Kar pointed out that quarterly reporting of results was unheard of in India before 1997, when a Sebi committee recommended it together with other disclosure requirements.

Bhave seconded Kar on better disclosure norms, pointing out that when an Indian company makes an issue of global depository receipts abroad, it has to give far more detailed information than it normally offers its shareholders in the country.

``Our disclosure standards are still way behind,'' Bhave said. ``We arecreating an information arbitrage,'' he added.

Kar said Sebi is working from various angles -- including an extensive study being done by the NCAER on households -- to identify policy measures that can bring back investors to the capital market.