Financial Regulatory Bodies ( Regulators) in India ****************************************************************** [1] Securities and Exchange Board of India (SEBI) [2] Reserve Bank of India (RBI) [3] Ministry of Finance [4] Ministry of Corporate Affairs [5] Insurance Regulatory Authority of India (IRDA) [6] Pension Fund Regulatory and Development Authority (PFRDA ) Securities and Exchange Board of India (SEBI) The Securities and Exchange Board of India was enacted on April 12, 1992.The Preamble of SEBI describes the basic functions of the Securities and Exchange Board of India as “…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” Reserve Bank of India (RBI) The Reserve Bank of India was established on April 1, 1935. The Reserve Bank is fully owned by the Government of India. Primary objective of Reserve Bank of India is to undertake consolidated supervision of the financial sector comprising commercial banks, financial institutions and non-banking finance companies. The Preamble of the Reserve Bank of India describes the basic functions of the Reserve Bank as:“…to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.” Ministry of Finance: About the Ministry Finance Minister Minister of State (Revenue) Minister of State (E&FS) Departments: Economic Affairs Expenditure Revenue Financial Services Disinvestment Ministry of Corporate Affair: The Ministry is primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008 & other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with law. The Ministry is responsible to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers through the commission set up under the Act. It exercises supervision over the three professional bodies, (1) Institute of Chartered Accountants of India (ICAI),(2) Institute of Company Secretaries of India(ICSI) and (3) the Institute of Cost Accountants of India (ICAI). Insurance Regulatory Authority of India (IRDA): IRDA was established in 1999 by the Indian government .It was established to safeguard the interest of policyholders. Pension Fund Regulatory and Development Authority (PFRDA): Pension Fund Regulatory and Development Authority was established by the Government of India on 23rd August 2003 to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds and for matters connected therewith or incidental thereto.
Posted on: Wed, 11 Jun 2014 06:46:58 +0000
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