Sebi chairman U K Sinha on Saturday said it will apply for private university status for the National Institute of Securities Markets (NISM), which is an initiative to create a cadre of trained market professionals.
The proposal can be taken up by the state (Maharashtra) government in the budget session of the assembly, he added.
Prime Minister Narendra Modi inaugurated the new NISM campus at Patalganga, Raigad district, near Mumbai.Speaking at the inauguration, Sinha said, “Going forward, the intention is to take help of the state (Maharashtra) government and to create a private university here”.
Responding to the proposal, Maharashtra chief minister Devendra Fadnavis said, “Sebi wants to transform the NISM into a university and I want to tell the Sebi chief that if we closely work together we can pass this law in the budget session of the state assembly.”
The 70-acre new campus in the industrial township of Patalganga, where Reliance Industries has a large facility, has a potential to accommodate 5,000 students. Sebi has invested over Rs 400 crore in building the institute.
While Sebi has introduced far-reaching reforms over the past 25 years through various regulatory changes, one of the major challenges faced by the securities market today is the lack of adequate qualified securities market professionals.