1988-06-01
18:25
G. I.S
"
t
9
P. 11/13
should ensure
that the
exchanges properly
regulate their markets and should have
extensive reserve powers to intervene if they
fall down ❤M the job," The arguments for
this proposal are debated at leng th in
Chapter IX. Our principal reasons for moving
the Commission outside the civil service aze
to enable it to pay salary scales
appropriate to attract market practitioners
two
with expertise
in securities markets; and to
protect the Government. As we say in paza.
3.33 "IE the supervisor fails then, and only
then, should the Government step in;
Government
should
be
insulated
from
day-to-day market crises lest the authority
of Government be unnecessarily damaged."
In the rest of the report we address certain other
major issues especially
(1)
Listing
arrangements
for
new
Bhazes.
Chapters V and
XI.
We recommend that sole
responsibility
for approving
listing
documents be transferred to a reformed stock
Exchange Listing Department.