Here is a small list of what SEBI should mandate …
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The face value of any instrument to be the same (be it any kind of share or debenture or MF or anything). I think 10 INR is a good choice.
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All derivative contract size to be same. I vote for 10 again. With a smaller lot size of like 10, retail investors can easily hedge their portfolio.
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There should be a certification requirement, renewed every 5 years or so, to be able to participate in day-trading, heavy short term trading and derivative trading.
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The settlement everywhere should be end of the day itself (i.e. just T).
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All exchanges and brokers should provide a public API so people can use software they are comfortable with.
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Make all MF transactions via exchanges only and holdings to be in the demat account only. i.e. All MFs are ETFs.
What do you think? Any more from you?