A day after capital market regulator Sebi announced steps to revive investor interest in mutual funds and the primary market, finance minister P Chidambaram on Friday promised new reform initiatives next month to boost investments in financial instruments.
"There are a number of other suggestions which are under consideration by the government," Chidambaram said in a statement. "I have requested Sebi chairman to schedule another meeting of the board in early September when some more decisions can be taken on the suggestions that are under examination."
He said the reform measures by Sebi for funds and other segments would stimulate financial savings among households besides giving a fillip to the mutual fund industry. The minister said he had requested Sebi chief U K Sinha to look into a number of other suggestions.
"More and more households should be encouraged to save in financial instruments rather than in gold," he said, adding that his ministry will shortly decide on Sebi's recommendation to provide tax benefits to equity MF investors under the Rajiv Gandhi Equity Savings Scheme, which was announced in 2012-13 Budget.
Sebi had on Thursday announced steps for expanding the reach of IPOs and mutual funds across the country through measures like electronic public offers.
"The examination by the government and Sebi is likely to be completed in the next two weeks," Chidambaram said without elaborating on the specific suggestions made by the government to the market regulator. Chidambaram had, in his first statement after taking over as FM, said that the government could announce in the next five years decisions to attract more people to invest in mutual funds, insurance policies and other well-designed financial instruments.
"There are a number of other suggestions which are under consideration by the government," Chidambaram said in a statement. "I have requested Sebi chairman to schedule another meeting of the board in early September when some more decisions can be taken on the suggestions that are under examination."
He said the reform measures by Sebi for funds and other segments would stimulate financial savings among households besides giving a fillip to the mutual fund industry. The minister said he had requested Sebi chief U K Sinha to look into a number of other suggestions.
"More and more households should be encouraged to save in financial instruments rather than in gold," he said, adding that his ministry will shortly decide on Sebi's recommendation to provide tax benefits to equity MF investors under the Rajiv Gandhi Equity Savings Scheme, which was announced in 2012-13 Budget.
Sebi had on Thursday announced steps for expanding the reach of IPOs and mutual funds across the country through measures like electronic public offers.
"The examination by the government and Sebi is likely to be completed in the next two weeks," Chidambaram said without elaborating on the specific suggestions made by the government to the market regulator. Chidambaram had, in his first statement after taking over as FM, said that the government could announce in the next five years decisions to attract more people to invest in mutual funds, insurance policies and other well-designed financial instruments.
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