Sebi chief urges calm amid global turbulence

MUMBAI: Sebi chief Tuhin Kanta Pandey on Monday urged the investing community to not panic in the current volatile geopolitical situation even as markets have been sliding and said that it is important not to get too worried at this moment since India’s economic fundamentals are strong.The top markets regulator admitted that global markets are experiencing turbulence and volatility arising from the war in West Asia that is choking off vital shipping lines, triggering oil & gas supply and price shocks. “Like rest of the globe, India too is deeply impacted by such developments. Yet, amid such uncertainties, India’s domestic fundamentals have continued to remain strong providing resilience. It is important not to panic at this moment, but to remain calm amidst this storm,” Pandey said. The Sebi chief was speaking at a function celebrating the 30th anniversary of the Nifty 50 index at NSE’s headquarter in the city.“The Nifty itself has navigated several such phases in the past 30 years-periods of uncertainty, volatility and global shocks. And yet, over the long run, it has continued to reflect the strength and resilience of India’s growth story,” Pandey said. He said the emergence of the benchmark index must be viewed in the context of the transformation taking place in India’s financial markets in the mid-1990s.