Regarding the potential for stock exchanges to list their own shares, Mr. Pandey stated that the concept has not been dismissed but is not presently under review. While certain jurisdictions permit such listings, India maintains a distinct regulatory posture given the presence of multiple exchanges and the necessity to mitigate potential conflicts of interest. Mr. Pandey underscored the continued significance of domestic savings in the evolution of India’s financial markets, while acknowledging the capacity of foreign investment to inject additional capital and specialized knowledge. He noted that India’s market capitalization relative to the scale of its economy has advanced from 69 per cent in fiscal year 2015-16 to approximately 130 per cent currently. Furthermore, the aggregate value of outstanding corporate bonds has attained nearly 61 lakh crore rupees, representing roughly 55 per cent of the bank credit extended to industrial and service sectors. Mr. Pandey indicated that the subsequent stage of market development will prioritize facilitating capital raising for businesses, broadening retail investor participation, and upholding the integrity, resilience, and dependability of India’s financial markets.