CEA also urged to guard against 'celebrating wrong milestones'. (Image: NDTV Profit) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Amid a boom in share sales, India's Chief Economic Advisor V Anantha Nageswaran on Monday rued that the initial public offerings are becoming exit vehicles for early investors in an enterprise, and remarked that this is undermining the spirit of public markets.

Speaking at an event organised by CII here, Nageswaran added that the country's capital markets should evolve 'not just in scale, but in purpose' as well.

The CEA also urged to guard against 'celebrating wrong milestones' such as market capitalisation or the volume of derivative trading, making it clear that they are not measures of 'financial sophistication' and added that such effo

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