In a move that augurs well for the Amaravati capital region, stock market regulator Securities and Exchange Board of India (SEBI) has decided to set up its local office soon in Vijayawada, the base capital of Andhra Pradesh.
Government sources indicate that the city will see a bunch of other Central government entities such as the RBI and Nabard setting up their offices here.
The decision to set up an office in A.P. was taken at the SEBI Board meeting held on September 23 in Mumbai. “To improve access of investors of North Eastern region and spread financial literacy, the Board approved opening new Local Offices of SEBI at Agartala which will cover the States of Manipur, Mizoram and Tripura.
It has also been approved to open a Local Office at Vijayawada, capital of newly created State of Andhra Pradesh,” the market regulator stated in a press release.
“Timely decision”
Speaking to The Hindu, vice-chairman of the Andhra Pradesh State Planning Board, Ch. Kutumba Rao, termed it a positive and timely decision. “We earlier wrote to SEBI, RBI, Nabard and several other Central government agencies to set up local offices in the bifurcated AP. We even offered land for the same purpose. I hope the other entities will take a call soon.” Stock consulting firm Geojit BNP Paribas hailed the development and said it indicated SEBI’s focus on B and C regions in the country. B. Veera, Geojit BNP Paribas Assistant General Manager, Vijayawada, told The Hindu : “SEBI is more focused on rural areas as the investor interest, especially in SIPs (Systematic Investment Plans) and Mutual Funds, is looking up of late. Local presence enables SEBI to interact with investors directly.”
As per market sources, the stock market customer base in the bifurcated Andhra Pradesh is over 10 lakh and it is growing fast. Another stock market player Karvy Consultant says the development is a good sign for investors.
“The investor grievances can be better handled by the regulator now. Local presence will always make a difference. SEBI has been conducting the awareness camps and meets in this region . With its latest move, the investor confidence is expected to go up,” said V.K. Kishore, Branch Coordinator, Karvy Vijayawada.
Local presence enables SEBI to interact with investors directly
B. Veera
AGM, Geojit BNP Paribas
