The Securities and Exchange Board of India (SEBI) has re-constituted its Commodity Derivatives Advisory Committee (CDAC) and Alternative Investment Policy Advisory Committee (AIPAC).
Reconstituted Commodity Derivatives Advisory Committee (CDAC):
The CDAC was reconstituted with 16 members instead of 17 members and the Committee will continue to be chaired by retired IAS officer Ashok Dalwani.
Other members of CDAC:
i.The other members of the panel include Ashish kumar Chauhan, MD and CEO of National Stock Exchange of India Ltd (NSE); chief of National Commodity & Derivatives Exchange Limited (NCDEX) Arun Raste and Multi Commodity Exchange (MCX) MD and CEO P S Reddy.
ii.The panel also has representatives from SEBI, National Institute for Transforming India (NITI) Aayog, Reserve Bank of India (RBI), finance ministry, National Bank for Agriculture and Rural Development (NABARD), Commodity Participants Association of India (CPAI), Warehousing Development and Regulatory Authority (WDRA), and MMTC.
iii.Other members include representatives of the commission for agricultural costs and prices, department of agriculture, cooperation and family welfare, department of consumer affairs, department of food and public distribution, and department of commerce.
Terms of reference of the CDAC:
i.The Panel will review the the developments in Commodity Derivatives market and recommend the measures for changes and improvements in market structure in view of the impending changes and improving market safety, efficiency, transparency and integrity and reducing cost of transaction.
ii.The panel will examine issues related to contract designs and new products in commodity derivatives and advises on matters related to delivery mechanisms and warehouses.
iii.They also recommend measures for improving market safety, efficiency, transparency and integrity and reducing cost of transaction.
Reconstituted Alternative Investment Policy Advisory Committee(AIPAC):
The SEBI has also restructured its Alternative Investment Policy Advisory Committee (AIPAC) which advises the capital markets regulator on a range of issues that impact further development of the Alternative Investment Industry.
- The restructured 20 member AIPAC is chaired by N R Narayana Murthy, founder of Infosys Limited.
Other Members of AIPAC:
i.The other members of the committee are from SEBI, Ministry of Finance, AIF players and industry associations.
ii.The new members include Rajesh Panwar, Joint Director, DEA, Ministry of Finance, and Karthik Reddy, chairman of Indian Private Equity and Venture Capital Association (IVCA).
iii.Other members include, Gopal Srinivasan, chairman and managing director, TVS Capital Funds; Gopal Jain, co-founder and managing partner, Gaja Capital; Vipul Roongta, managing director and CEO at HDFC Capital Advisors; Prashant Khemka, founder of White Oak Capital Management; and Mahavir Lunawat, vice chairman, Association of Investment Bankers of India (AIBI).
Terms of reference of the AIPAC:
i.The panel gives recommendations to SEBI on the development of the alternative investment industry and also on the development of the startup ecosystem in India.
ii.The panel also advises SEBI on issues that are needed to be taken up with other regulators for development of the alternative investment industry.
About Securities and Exchange of India (SEBI):
Chairperson – Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Establishment – 1992
