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Journalism of Courage
The Securities and Exchange Board of India (SEBI) has recommended raising capital requirements sharply for market intermediaries such as mutual funds,brokers and investment bankers.
A panel of the markets regulator has proposed to raise the minimum net worth requirement of asset management companies (AMCs),or mutual funds,by five times to Rs 500 million ($11 million),it said late on Thursday.
It also proposed to double the base net worth,for investment bankers to Rs 100 million and for custodians to Rs 1 billion,it said.
The watchdog also suggested corporate brokers should have a net worth of Rs 10 million by end-2010 and Rs 30 million by 2012.
