The 23-member panel is chaired by T V Mohandas Pai, chairman of the Manipal Global Education Services, according to the Securities and Exchange Board of India (Sebi).

The other members of the panel include BSE MD and CEO Ashish Chauhan, HDFC Vice-Chairman and CEO Keki Mistry, NSE MD and CEO Vikram Limaye, Dolphy Dsouza Partner at E&Y, Prime Database chief Prithvi Haldea and Sunil Sanghai founder and CEO of Nova Dhruva Capital.

The panel also have representatives from Sebi, Reserve Bank of India (RBI), and finance and corporate affairs ministries.

Sebi’s Whole-Time Member Ananta Barua, its Executive Director Amarjeet Singh Chief General Manager Jeevan Sonparote and RBI Chief General Manager S K Kar are part of the panel.

Other members of the committee include Abhilash Nair, associate professor of IIM-Kozhikode; Ramesh Srinivasan, MD and CEO, Kotak Investment Banking; ICAI President Prafulla P Chhajed; and ICSI President Ranjeet Pandey.

The PMAC is significant as it advises Sebi on policy framework related to the primary markets.

Besides, it advises the markets watchdog on matters required to be taken up for changes in legal framework to introduce simplification and transparency in systems and procedures in the primary market.

Also, it has been mandated to advise Sebi on matters relating to regulation of intermediaries for ensuring investor protection in the primary market.