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Home / India News / 2007 / May 2007 / May 27, 2007
SEBI asks north-east states to take advantage of proximity with SE Asia
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SEBI asks north-east states to take advantage of proximity with SE Asia

Securities and Exchange Board of India (SEBI) Chairman Meleveetil Damodaran has asked the north-eastern states to take maximum advantage of Indias Look East Policy and its proximity with the southeast Asian market.

Agartala, 27 May : Securities and Exchange Board of India (SEBI) Chairman Meleveetil Damodaran has asked the north-eastern states to take maximum advantage of India's Look East Policy and its proximity with the southeast Asian market.

Damodaran, addressing a press conference in the Agartala Circuit House yesterday, said that traditionally India has looked west, but the "Look East" policy is a correction because of two reasons. Firstly, the relative relations between the western economy and India have undergone a change, and India has become stronger over a period of time.

Secondly, India has advantage in trading with the eastern countries than dealing with the west, he said.

He said that the market strength has now shifted slowly towards the earlier underdeveloped, developing or emerging world from the emerged world.

Damodaran said the five top countries with the highest foreign exchange reserve are from the east with China leading with more than one billion dollars and India with over 200 billion dollars.

The capital market focus has moved to the east and money from this part of the world is mainly invested in the developed market, he added.

However, the SEBI chief favoured that India should not have any permanent business relation with any country. He rather called for trade with the region where the advantage lies.

Damodaran said that since the northeastern state were on the eastern part of India, they have the maximum advantage of the growing trade relations between India and the Southeast Asia.

He said that the northeastern states should take the maximum advantage of the location and their proximity with the Southeast Asian market.

Damodaran went on to say that the pre-independence trade routes in the northeastern region should be reinvented, adding that this region can further develop by adding value to the available raw materials.

The SEBI chairman, however, said that the rate of investment of the northeast in the capital market was relatively low as the investors were not aware of it.

To a query from the media on steps SEBI would advise for small investors given that the market was very bullish, he said the SEBI's role was to regulate. And, it could not advise the risk levels an investor could take when there were thousands and thousands of companies in the market.

There were several categories of investors, Damodaran said, adding, for some mutual funds were an option while those ready for risks should weigh the pros and cons and make an informed decision.

He said the mutual fund market has grown by several fold during the last few years in Indian market with several players in the market with some foreign players.

He added that mutual fund was relatively safe for new investors.

Damodaran announced that the SEBI would start a countrywide workshop to educate investors, so that they make an informed decision when the market is bullish and at an all-time high.

Damodaran, an IAS of the Tripura-Manipur cadre, was on a three-day visit to the state. He will retire next month, but would continue as the Chairman of SEBI.

ANI

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