Capital markets regulator Sebi has reorganised the committee that advices it on matters related to the secondary market including suggesting steps to improve market safety, efficiency and transparency.
The Securities and Exchange Board of India listed the revamped expert panel.
Besides Varma, the expert panel consists of 17 members including top executives of nation's leading bourses -- NSE, BSE and MCX-SX -- as well as government representatives.
Members of the committee include BSE's Ashish Kumar Chauhan, NSE's Chitra Ramakrishna, MCX-SX' Saurabh Sarkar. All of them are Managing Directors and CEOs of their respective stock exchanges.
Managing Director of ICICI Securities Anup Bagchhi and Kotak Mahindra Bank Joint MD Dipak Gupta are also members of the committee.
Anupam Mishra from Department of Economic Affairs, MoF, and some Sebi officials are also part of the panel.
SMAC is mandated to review the developments in Secondary market, to recommend measures for changes and improvements in market structure in view of the impending changes, look into investor protection measures in the stock exchanges and suggest improvements.
Moreover, the expert panel also suggests Sebi on measures for reducing transaction costs, changes if required in the risk management and regulatory framework in secondary market, among others.