Inviting all stakeholders to come forward with suggestions to boost the bond market ecosystem Ajay Tyagi has said there is an immense opportunity for development of this market in the backdrop of the NPA crisis in banking sector. He also said rating agencies have an important role as gatekeepers in maintaining trust of investors in bond market and Sebi would consider further necessary changes in norms for them in consultation with stakeholders, after a number of steps taken to rationalise their governing structure and for close monitoring of ratings. He noted that a vibrant capital market, both equity and bond, has to play a pivotal role to facilitate fund mobilisation for sustaining the country’s projected economic growth momentum. During the last five years, nominal GDP grew by over 67 per cent. Over the same period, outstanding bank credit increased 63 per cent, while outstanding corporate bonds surged over 117 per cent, from Rs 12.6 trillion to Rs 27.4 trillion. We are working on operationalising the 2018-19 budget announcement which mandates large corporates to raise 25 per cent of their financing needs from the bond market. Sebi would be shortly issuing the operational framework (for the same), Tyagi said. Further, the regulator enhanced standards for CRAs for timely monitoring of credit quality of bonds; reduced the time taken for listing of public issue of bonds from 12 days to 6 days; abolished the requirement of keeping one per cent security deposit for public issue of debt securities by issuer among others.