Mr. Vikram Limaye, MD & CEO, NSE speech at NSE’s Dr. R H Patil Memorial Dialogue 2020
The annual Dr. R. H. Patil Memorial event features thought leaders of the highest calibre and reputation as a fitting tribute to the memory of our Founding Managing Director Dr R. H. Patil, who was one of the tallest leaders and institutional builders of the Indian Financial Services industry.
Over a relatively short period of time, NSE has emerged as not only the largest exchange in India but also amongst the top three exchanges in the world. It is also the largest derivatives exchange in the world in terms of a number of contracts traded. Few institutions in India have built a strong global reputation and NSE is one of them.
As an institution of national importance, NSE plays a critical role in working with regulators, government and market participants in the development of capital markets. NSE has always focused on what is in the best interests of the Indian economy, markets and investors and in improving the financial wellbeing of people. We recognise our responsibility to help India achieve its aspirations and take its rightful place amongst the world’s leading economies.
NSE owes a deep sense of gratitude to SEBI and the government for putting in place critical market infrastructure institutions that have been responsible for the robust growth of our economy and capital markets over the past two-plus decades.
In order to achieve sustainable economic growth, it is critical that we expedite market development and capital formation. While the equity markets in India are relatively well-developed, penetration is still low compared to emerging market averages. We need to continue to focus on finding creative ways for investor education and awareness.
Unlike equity markets, the bond, currency and commodity markets in India remain at a nascent stage relative to their potential. It is critical that these markets develop over the next few years for the overall development of financial markets that will provide the necessary depth in terms of product offerings for investors and capital-raising avenues for corporates.
Access to capital for SMEs is another important aspect to support growth and employment. NSE is doing its bit by providing an ecosystem for equity and debt financing for SMEs through the NSE Emerge platform for SME IPOs and the bill discounting platform RXIL – a joint venture with SIDBI for providing working capital financing.
It is important that trust in markets is enhanced and we further integrate the Indian economy and markets into the global ecosystem. NSE is focused on ensuring the highest standards of governance amongst listed corporates and the integrity of markets is strengthened through regulations and surveillance of market intermediaries and trading activities.
We have come a long way over the last 25 years in the evolution of markets and the growth of our economy. The aspirations of our country will continue to be the guiding light as we progress in this journey. As India powers itself forward to become a self-reliant nation, we all need to recommit ourselves to creating the right environment and institutional architecture that is conducive for long-term growth and development.
We are very fortunate and honoured to have with us Prof Eugene Fama for the Dr Patil memorial event 2020.
Prof Eugene Fama, the Robert R. McCormick Distinguished Service Professor of Finance, was awarded the 2013 Nobel prize in Economic Sciences for his contributions to the development of the efficient-market hypothesis and empirical analysis of asset prices. His work has transformed the way finance is viewed and conducted and has received numerous other awards and recognition for his work.
This year’s event is being conducted virtually and will be in a discussion format. We are delighted to have Mr. Uday Kotak who needs no introduction. He is the Managing Director and CEO of Kotak Mahindra Bank and one of the most respected and successful personalities in the financial services industry.
