New Delhi, May 18 -- SEBI Chairman Tuhin Kanta Pandey highlighted that the securities market provides an alternative channel, alongside banks, for directing savings into development projects. He emphasized that the capital market has diversified financing avenues through instruments such as equity, debt, REITs, InvITs, and notably, municipal bonds.

Pointing to states like Uttar Pradesh, Maharashtra, and Madhya Pradesh, which have successfully leveraged municipal bonds for city-level infrastructure and urban development, Pandey said Odisha too can position municipal bonds as a key pillar of its development financing strategy.

Speaking at the Association of Mutual Funds Program in Odisha, Pandey stated, "With wider participation, municipa...