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SEBI plans to set up office in Patna

SEBI intends to acquire ready for possession office premises in Patna

August 29, 2012 5:30 IST | India Infoline News Service
Capital market regulator SEBI (Securities and Exchange Board of India) is planning to set up an office in Patna to cater to investors, market entities and companies from Bihar. SEBI has already started its search for an office space in Patna.

SEBI intends to acquire ready for possession office premises in Patna and has floated a tender for the same. SEBI would take the property on lease for an initial period of three years, with a provision to the effect of further renewal for another three years.

SEBI Chairman UK Sinha had asked the people of Bihar to consider investing in the capital market in equity and mutual funds for better long-term returns. The mutual fund sector has just 0.42% share of Bihar's investment at Rs. 15.09 billion and only 24 offices, while the number of demat account holders in the state is quite low.

There was only one registered share broker, 1,000 terminals of share market in the entire state and only two companies in it listed on the stock exchanges, Mr Sinha said in a seminar in Patna on 26th August.



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