Europe's monopoly on IMF top post must end: DSE CEO

FATEHGARH SAHIB: It is high-time to end the monopoly of Europe on the top post of International Monetary Fund (IMF). Prime Minister Manmohan Singh has raised the issue of giving a chance to the developing world to lead the global financial powerhouse said the CEO of Delhi Stock Exchange HS Sidhu.
He stated this during an interaction with the faculty of Baba Banda Singh Bahadur Engineering College Fatehgarh Sahib on Tuesday evening.
Grewal said that the time has come when industry and academics must work together in order to design programs that can help build rewarding career.
Prof Gagan Deep Sharma, head, department of management studies added that it is really tragic for IMF that the factors other than merit are still considered while choosing the chief.
“Had these factors not been considered, Indian minds such as Dr Montek Singh Ahluwalia would have gone on to lead the organization long before,” said Dr Sharma.
Speaking about the role of regional stock exchanges in the development of the capital market in India College Sidhu said that the policy of having only two stock exchanges in the coutry, vis-à-vis, National Stock Exchange and the Bombay Stock Exchange acts as a big hindrance in the penetration of capital markets in the country.
Supporting his argument with facts, Sidhu emphasized that only 3 per cent of the Indians invest in capital markets while the number is 45 per cent in the case of Europe. For curing this problem it is essential to spread the financial literacy in the country.
For this purpose, the Delhi Stock Exchange is planning to hold 200 workshops this year out of which 20 will be held in Punjab alone said Sidhu.