Addressing a seminar on capital markets organised by Assocham here today, the finance minister said the disinvestment process cannot be confined only to the foreign investors in the GDR market. "Why should blue chips go only to the foreign investors. We will offer PSU shares at a discount to the retail investors in the country," he emphasised.

Sinha sees the discount sale of PSU shares as a major step in attracting investors back to the market and reviving their confidence. Sinha pointed out that the final package on PSU disinvestment will make adequate provision forretail disinvestment in the domestic market and offer of shares to retail investors at a discount.

This would not only help revive the interest of the small investors but also impart the required depth to the market. The government would take necessary steps to ensure that there is transparency and adequate regulation of the capital market. Sinha also pointed out that the government has initiated steps to ease the burden of stamp duty. ``We will make the stamp duty requirement less onerous and work out a sort of national norm.''

The chief ministers at a recent meeting convened by the finance minister have reached a consensus on this. ``The modalities for this is being worked out. A panel of six chief ministers will give a report on the uniformity of state-level levies, which will also look into the stamp duties.''