PM asks SEBI to protect investors' interests

MUMBAI: Prime Minister Manmohan Singh on Friday asked market regulator Securities and Exchange Board of India (SEBI) to ensure that the interests of the investors are fully protected.

"It is the task of the regulator to protect the interest of the investors... This is the primary task of any market regulator," he said after inaugurating SEBI's new building.

Singh, however, praised SEBI's effort in ensuring orderly capital market in the country.

Singh emphasised the need to reform the financial sector and said, "We have to make the debt market deeper, wider and liquid".

Singh also underlined the need to further reform the insurance and pension sectors.

"Mumbai has the potential and should have the ambition to become regional financial centre. It is already the financial capital of the country", Singh said.

He expressed hope that SEBI would contribute to emerging challenges and widen and deepen the capital market of the country.

The Prime Minister said the SEBI Act will soon be amended to set up investors' protection fund.

He averred that the government was hopeful for a consensus on the financial sector reforms.