Bhubaneswar: The Securities and Exchange Board of India (SEBI) is set to soon open a branch office in Bhubaneswar soon to strengthen investor outreach and regulatory presence in Odisha.
Speaking on the sidelines of an investor awareness programme in Bhubaneswar on Monday, SEBI Chairman Tuhin Kanta Pandey announced that the rental contract for the office was signed earlier in the day, while the regional office is expected to become operational within the next few months.
Pandey said the regulator would initially start operations from a small office. Activities that were earlier handled through SEBI’s Mumbai and Kolkata offices will gradually be managed from Bhubaneswar. He also stated that SEBI plans to establish a permanent office in the city in the future.
The announcement was made while
addressing a regional investor awareness programme organised by the Association of Mutual Funds in India in Bhubaneswar.
During his address, Pandey highlighted the growing importance of municipal bonds as a financing tool for urban development projects. He urged Odisha to seriously explore the use of municipal bonds for raising funds for urban infrastructure.
According to him, 22 urban local bodies across the country have so far issued 33 municipal bonds and raised around Rs 4,500 crore. Municipal corporations in Uttar Pradesh, Maharashtra and Madhya Pradesh have already benefited from the mechanism. Odisha should also take advantage of the opportunity, he said, adding that municipal bonds can help meet the increasing financial needs of rapidly expanding urban areas.
Pandey further noted that the Central government is also providing incentives in the form of grants for such bond issuances.
On the mutual fund sector, he said the size of India’s mutual fund market has increased significantly from Rs 12 lakh crore in 2015-16 to around Rs 82 lakh crore at present. Odisha’s contribution to the sector stands at nearly Rs 71,000 crore, which is less than one per cent of the national market.