Corporate Debt Market - EcoTimes piece

I wrote a piece on the developments of the corporate debt market in the Economic Times day before. I have stated that while a lot has been done by SEBI, much needs to be done by the government to create the proper environment for corporate debt primary issuances and secondary market trades to work out. I have also argued against the Percy Mistry committee report and the R.H. Patil Committee reports' support to encourage an exchange traded corporate debt market. I believe in the theory of 'let a thousand flowers bloom' - i.e. allow both exchanges and Over the Counter (OTC) markets to compete with each other. Taking cue from the equity markets would be a wrong step as the two products (equity v. pure debt) cannot be compared.