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P. Chidambaram addresses 32nd Annual Conference of IOSCO

Apr '07
Following is the text of Finance Minister, Shri P. Chidambaram's speech delivered at 32nd Annual Conference of International Organisation of Securities Commissions at Mumbai.

“I am happy that the Securities and Exchange Board of India has the honour to host the 32nd Annual Conference of the International Organisation of Securities Commissions (IOSCO)."

Click here to view Shri P. Chidambaram's speech :

On behalf of the Government of India, may I extend a warm welcome to the delegates to this conference? May I also congratulate SEBI, and its Chairman, for the excellent arrangements made for the conference?.

Many years ago, I was advised that, at a dinner, one should speak well but not too wisely and eat wisely but not too well. A conference of capital market regulators is more challenging than a sumptuous dinner.

It is the only market that I know that will react to the arch of an eyebrow or a meaningful cough. I wonder if I should speak to you wisely or well or do neither. Nevertheless, I shall do my best.

The protection of the interests of the investors and the promotion and development of the securities market are inseparable twin objectives. These twin objectives are paramount for the securities market regulator; all other objectives are secondary and subordinate to these two.

Other stakeholders – while they may be driven by the profit motive – also have the obligation to secure these twin objectives.

No securities market is an island. Thanks to global flows of capital, the working of the capital market in a country – especially any precipitous rise or fall – has an effect upon other capital markets in the region as well as elsewhere in the world.

Good regulation, therefore, is no longer a mere national 'public good'; it has a global dimension and it must be regarded as a global 'public good'.

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