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SEBI allays fears, says US crisis won't affect India
Published on Tue, Sep 30, 2008 at 14:50, Updated on Tue, Sep 30, 2008 at 17:00 in 
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New Delhi: The Indian markets responded to market regulator SEBI allaying fears of the US financial crisis affecting Indian markets.
SEBI Chief C B Bhave says that there was no need to panic and that SEBI was monitoring the situation very closely.
"India will emerge stronger once the global crisis comes to an end," Bhave said.
The Finance Ministry called for a meeting of key regulators and economic advisors including SEBI Chairman CB Bhave, Chief Economic Advisor Arvind Virmani and Economic Affairs Secretary Ashok Chawal.
Sources in the Finance Ministry have told Network 18 that regulators and senior Government members have been asked to issue statements to improve market sentiment.
Finance Minister P Chidambaram said that the regulations are adequate. He said that the situation was being monitored and that the Indian banking and financial system was very well capitalised. He also added that regulations will be tweaked only if the need arises.
Meanwhile, ICICI Bank has issued a statement on it's financial position - the second in two days.
Managing Director K V Kamath said rumours circulating about the bank's financial strength were baseless and malicious.
"The bank has a very strong capital position and current market conditions would not pose any challenge to this capital position," he said.
The Reserve Bank of India (RBI) too issued a statement after reports of panic withdrawals from some ATMs. RBI statd that ICICI Bank has sufficient liquidity to meet depositors' needs.
The Central bank statement said: "There are reports in some sections of the media that based on rumours regarding the financial strength of ICICI Bank, depositors are withdrawing cash at its ATMs and branches in some locations. It is clarified that the ICICI Bank has sufficient liquidity, to meet the requirements of its depositors.
The Reserve Bank of India is monitoring the developments and has arranged to provide adequate cash to ICICI Bank to meet the demands of its customers at its branches and ATMs. The ICICI Bank and its subsidiary banks abroad are well capitalised."
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