New Delhi [India], July 22 (ANI): The coronavirus pandemic and subsequent countrywide lockdown led to a surge of retail investors in equity markets and opening of new demat accounts, Chairman of the Securities and Exchange Board of India (SEBI) Ajay Tyagi said on Wednesday.
During June, 10 lakh new demat accounts were opened compared to 5 lakh a month in the pre-COVID era, he said while addressing the FICCI's 17th Annual Capital Market Conference 'CAPAM 2020.'
Tyagi said the stock market has now recovered from the COVID-19 crisis. "The overall situation is not bad and there is no cause for despair," he said.
The SEBI Chairman said he has asked stock exchanges to introduce blockchain technology on a trial basis initially with real-time settlements.
Responding to another question, Tyagi said 95 per cent of capital invested is in top-rated bonds. In the United States, only 5 per cent of capital is invested in top-rated bonds and 75 per cent in lower-rated bonds.
"So there is a need to move to down-rating curve in the corporate bond market." He also said that alternative investment funds will soon be allowed to buy out stressed assets of non-banking finance companies. (ANI)