Mumbai: Sebi Chief M Damodaran, at the Fortune Global Forum, talking about the recent policy measures, said that some steps may seem to be inconsistent with long-term goals.
He said it was not a question of addressing 'hot money' inflow, but the recent measures aim to make markets more transparent.
The long-term road map is to provide direct and easier access.
He said, "Things we are attempting and some of the steps we have taken might seem to be inconsistent with our long-term direction, but it's not always that every short-term measure seems to be in the same direction as your long-term road map. On occasion you tend to move back a bit."
"It's something like football - you see a lot of passing the ball back to the goalkeeper who is the last man in your team; disjunctively in isolation that can be seen as a very negative move because instead of gaining space you are moving backwards, but you might be doing that in order to see that your journey forward becomes a little easier and that exactly is what we are trying to do. Clean up the bits and pieces, make access more transparent, more direct, more easy along side." Damodaran added.
On hot money that comes into Indian markets through Participatory Notes, he said, "I don’t think it's a question of addressing hot money inflow into India. We have somewhat unfairly, I want to state, been accused of doing some things too suddenly, shocking markets and things that kind."
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