Regulatory Bodies of India
REGULATORY BODIES OF INDIA
Financial Stability and Development council:
The idea was first mooted in a committee headed by Raghuram Rajan in 1998. It is an apex regulatory body constituted by Government of India. It is an initiative to be better prepared for any future economic meltdown by regulating the economic assets. The aim of the body is to provide a stable financial sector development and inter-regulatory coordination.
The body consists of:
Chairperson: The Union Finance Minister of India
Members: Secretary, Department of Economic Affairs Secretary, Department of Financial Services Chief Economic Advisor, MoF Chairman, SEBI Chairman, IRDA Chairman, PFRDA
Secretary of Council: Joint Secretary (Capital Markets), Department of Economic Affairs
Responsibilities of body:
The stated responsibilities of the body are financial stabilization, Development of Financial Sector, Co-ordination among Regulatory bodies, Supervision of economy including large conglomerates, Coordination international interface with financial sector bodies for e.g. Financial Action Task Force, Financial Stability Board etc.
Securities and Exchange board of India:
Established in 1988 as a regulator of securities market in India. It was given statutory powers through SEBI Act, 1992 on 12 April 1992. Controller of Capital issues was the former regulatory authority under Capital Issues (Control) Act, 1947
The basic functions of SEBI as described by its Preamble is to “to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto”.
SEBI has following functions drafted in as one body:
1. Quasi-legislative: Drafting regulations in its legislative capacity
2. Quasi-executive: Conducts investigation and provides for enforcement action.
3. Quasi-judicial: Passing orders and rulings under its jurisdiction.
Reserve Bank of India (RBI):
Financial Stability and Development council:
The idea was first mooted in a committee headed by Raghuram Rajan in 1998. It is an apex regulatory body constituted by Government of India. It is an initiative to be better prepared for any future economic meltdown by regulating the economic assets. The aim of the body is to provide a stable financial sector development and inter-regulatory coordination.
The body consists of:
Chairperson: The Union Finance Minister of India
Members: Secretary, Department of Economic Affairs Secretary, Department of Financial Services Chief Economic Advisor, MoF Chairman, SEBI Chairman, IRDA Chairman, PFRDA
Secretary of Council: Joint Secretary (Capital Markets), Department of Economic Affairs
Responsibilities of body:
The stated responsibilities of the body are financial stabilization, Development of Financial Sector, Co-ordination among Regulatory bodies, Supervision of economy including large conglomerates, Coordination international interface with financial sector bodies for e.g. Financial Action Task Force, Financial Stability Board etc.
Securities and Exchange board of India:
Established in 1988 as a regulator of securities market in India. It was given statutory powers through SEBI Act, 1992 on 12 April 1992. Controller of Capital issues was the former regulatory authority under Capital Issues (Control) Act, 1947
The basic functions of SEBI as described by its Preamble is to “to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto”.
SEBI has following functions drafted in as one body:
1. Quasi-legislative: Drafting regulations in its legislative capacity
2. Quasi-executive: Conducts investigation and provides for enforcement action.
3. Quasi-judicial: Passing orders and rulings under its jurisdiction.
Reserve Bank of India (RBI):
References: www.irda.gov.in www.rbi.org.in http://arc.gov.in/9threport pib.nic.in/newsite/erelease.aspx?relid=96374