Association of National Exchange Members of India

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Association of National Exchange Members of India (ANMI)
ANMI.jpg
Headquarters New Delhi, India
Key People President E.M.C. Palaniappan
Website http://www.anmi.in/

The Association of National Exchange Members of India, better known as ANMI, represents the interests of on-exchange brokers on the country's two largest exchanges, the Bombay Stock Exchange (BSE) and the National Stock Exchage of India (NSEI). AMNI is best known for its aggressive five-year campaign against additional taxation levied upon on-exchange securities transactions.

Background

ANMI lobbies publicly on behalf of all users of the two exchanges throughout India, provides them a forum to interact with each other and also offers its approximately 800 members[1] educational and training events. It consists of four regional councils repesenting exchange members across the entire country and regional elections are held annually.[2] ANMI is also a member of the International Council of Securities Association

ANMI also vocally opposed the introduction in 2004 of India's securities transaction tax (STT), which taxed all buying and selling of all tradable securities, including derivatives, at a rate of 0.125%, and ANMI has continued its opposition to the STT into 2009. It has also lobbied the Indian government to reform the stamp duty system it currently imposes on capital markets transactions.

Key People

  • Swatantra K Rustagi – President, ANMI
  • K. Suresh – Alternate President, ANMI

Former ANMI President E.M.C. Palaniappan was elected in 2009 to serve the 2009-2010 financial year in the top job, which rotates annually. He was previously an ANMI alternate president, where he advocated a new system aimed at reducing client defaults for ANMI members early in 2009.[3]

Former ANMI Alternate President Anil Bagri recently told India's Financial Express newspaper that the burden imposed on India's securities markets by the STT was rendering them uncompetitive on an international level.[4]

Latest News

ANMI recently launched a campaign to encourage more disclosure of listed company shareholdings, including more timely release to the market of price-sensitive information.[5] Currently, changes in share ownership are reported to some agencies weekly but to the market only quarterly. ANMI is also lobbying governmemnt for a tightening of the requirments for share price information.

References

  1. Sebi mulls hike in 10% margin for FIs. Financial Express.
  2. Structure. ANMI.
  3. ANMI plans to create client default database. Economic Times.
  4. Sebi mulls hike in 10% margin for FIs. Financial Express.
  5. ANMI calls for more disclosure of shareholding details. Hindu Business Line.