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Listen to this article in summarized format The market regulator will also take a consultative approach on capacity building for independent directors, aiming to strike a balance between their independence and regulatory oversight. This consultative document on FIIs, which would seek views on aligning Indian norms with global standards, will be keenly followed amid massive outflow of foreign capital that led to a persistent fall in stock indices. "It will be released very soon, within weeks," Pandey said. FIIs withdrew $31.4 billion on a net basis from local equities this year so far as they seek to maximise returns in safe-haven assets following rise in US treasury yields and dollar's comparative strength against other global currencies in the backdrop of unabated geopolitical uncertainties. Also read: Sebi pushes for resilient capital markets, focuses on investor protection: Chairman Pandey had earlier in the week said that the market regulator was reviewing requirements that remain more onerous in India than in other major jurisdictions. India is also among a few countries that still levies a security transactions tax (STT), while the long-term capital gains (LTCG) tax was reintroduced in 2018 and the rate to 12.5% last year. Earlier in the day, speaking at a Bharat Chamber of Commerce platform, Pandey said that the regulator is reviewing regulatory processes to reduce unnecessary compliance burdens and improve operational efficiency. "Our endeavour is to make regulation more proportionate and risk-based, while maintaining high standards of governance and market integrity," he said. Regarding effectiveness of independent directors in remitting corporate governance responsibilities, the regulator said that a capacity-building network is being planned involving institutions, professional bodies, academia and chambers of commerce to grow the skills and effectiveness of independent directors. On the question of the proposed revival of Calcutta Stock Exchange, Pandey said that the regional bourse where trading has been suspended since April 2013 needs to comply with the regulations, settle the outstanding dues and build modern trading infrastructure including online screen-based trading system. "Existing stock exchanges will be able to handle larger volumes", he said, on being asked whether the country needs more exchanges to deepen the market. He, however, maintained that there is no regulation that prohibits building new bourses. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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