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US treasury official asks India to open up govt bond market

A bold agenda for access to the government bond market is critical to cultivating the broader development of India's fixed-income market.

By: ENS Economic Bureau | Mumbai |
November 3, 2015 1:48:15 am

The US treasury department is keen that India should initiate a bold agenda for facilitating access to the government bond market and phasing out curbs on sovereign bond ownership and trading in the country.

“A bold agenda for access to the government bond market is critical to cultivating the broader development of India’s fixed-income market. By phasing out limitations on government bond access, ownership and trading  — and by simplifying procedures for investing in India’s markets — there are enormous gains to be had from global investment funds interested in exploring opportunities in India’s markets,” said Ramin Toloui, Assistant Secretary, US Department of Treasury.

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“The sovereign debt market is the experiential springboard for future investments in a country. Step by step, as investors become comfortable with the debt market, they will eventually expand to more specialised investments in companies and other sectors such as infrastructure. In other words, for investors to move further along the credit spectrum, they need to first develop confidence in the basic architecture of a new market by accessing and trading a country’s government bonds,” he said.

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