Sebi seeks nod for expansion

NEW DELHI, MAR 12: The Securities and Exchange Board of India SEBI has written to various securities market regulatory authorities world over for expansion of the country8217;s stock exchange terminals overseas. quot;We are waiting for permission from various countries regulators for expansion of stock exchanges terminals and once the permission is granted, trading from outside the county can start,quot; SEBI chairman DR Mehta told reporters here today. SEBI had written to regulators in the US, the UK, Singapore, Hong Kong, Malaysia and countries in the Middle East.

A stock broker has to take permission of the local market regulator for trading outside India. Following finance minister Yashwant Sinha8217;s announcement in union budget 1999-2000 for expansion of trading terminals outside India to tap non-resident Indian8217;s money in the stock market, SEBI sought permission from respective countries8217; market regulators.

Mehta said with the expansion of trading terminals outside the country investors will not have to calltheir stock brokers in India for buying and selling shares.