FINANCIAL REGULATORS IN INDIA
The financial system In India is regulated by independent regulators in the field of Banking, Insurance, Capital Market, Commodities Market and Pension Funds. However, Government of India plays an significant role in controlling the financial system in India and influences the roles of such regulators at least to some extent.
The following are the five major financial regulatory bodies in India:
1. Financial Sector Development Council(FSDC):
Financial Stability and Development Council is the apex-level body constituted by Government of India. The idea to create such a super regulatory body was fird=st mooted by Raghuram Rajan Committee in 1998. The recent global economic meltdown has put pressure on governments and institutions across globe to regulate the economic assests. This council is seen as an India’s initiative to be better conditioned to prevent such incidents in future.
PRESENT CHAIRMAN: The Union Finance Minister of India (P.Chidambaram)
2. Reserve Bank of India: Reserve Bank of India is the apex monetary institution in India. It is also called as the Central Bank of India. It was established on 1st April 1935, in accordance with the provisions of the Reserve Bank of India Act,1934 and was given statuary powers in 1949, fully owned by the Government of India. The Head Office of RBI was initially in Calcutta and later moved to Mumbai in 1937. The Central Office is where the Governor sits and where all the policies are formulated.
PRESENT GOVERNOR-Raghuram Rajan
PRESENT DEPUTY GOVERNOR-
a) H.R. Khan
b) Dr. K.C. Chakrabarty
c) Urijit Patel
RBI celebrated 75 years in 2010.
Note: Anand Sinha, who was one of the Deputy governor of RBI has retired now.
3. Securities and Exchange Board of India:SEBI was first established in the year 1988 as the non-statutory body for regulating the securities market. It became an autonomous body in 1992 and more powers were given through an ordinance. Since then it regulates the market through its independent powers. SEBI celebrated 25 years on 24th May 2013.
PRESENT CHAIRMAN- Upendra Kumar (U.K. Sinha)
HEAD OFFICE-MUMBAI
4. Insurance Regulatory and Development Authority:The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India and is based in Hyderabad (Andhra Pradesh). It was formed by an Act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is “to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.”
PRESENT CHAIRMAN-T.S. Vijayan
5. Forward Market Commission in India: FMC headquartered at Mumbai, is a regulatory authority which is overseen by the Ministry of Consumer Affairs, Food and Public Distribution, Govt of India. It is a statutory body set up in 1953 under the Forward Contracts (Regulation) Act, 1952. This commission allows commodity trading in 22 exchanges in India, out of which three are national.
PRESENT CHAIRMAN- Ramesh Abhishek
6. Pension Fund Regulatory and Development Authority: PFRDA was established by Government of India on 23rd August, 2003. The Government has, through an executive order dated 10th October 2003, mandated PFRDA to act as a regulator for the pension sector. The mandate of PFRDA is development and regulation of pension sector in India.
PRESENT CHAIRMAN- Anup Wadhawan
The financial system In India is regulated by independent regulators in the field of Banking, Insurance, Capital Market, Commodities Market and Pension Funds. However, Government of India plays an significant role in controlling the financial system in India and influences the roles of such regulators at least to some extent.
The following are the five major financial regulatory bodies in India:
1. Financial Sector Development Council(FSDC):
Financial Stability and Development Council is the apex-level body constituted by Government of India. The idea to create such a super regulatory body was fird=st mooted by Raghuram Rajan Committee in 1998. The recent global economic meltdown has put pressure on governments and institutions across globe to regulate the economic assests. This council is seen as an India’s initiative to be better conditioned to prevent such incidents in future.
PRESENT CHAIRMAN: The Union Finance Minister of India (P.Chidambaram)
2. Reserve Bank of India: Reserve Bank of India is the apex monetary institution in India. It is also called as the Central Bank of India. It was established on 1st April 1935, in accordance with the provisions of the Reserve Bank of India Act,1934 and was given statuary powers in 1949, fully owned by the Government of India. The Head Office of RBI was initially in Calcutta and later moved to Mumbai in 1937. The Central Office is where the Governor sits and where all the policies are formulated.
PRESENT GOVERNOR-Raghuram Rajan
PRESENT DEPUTY GOVERNOR-
a) H.R. Khan
b) Dr. K.C. Chakrabarty
c) Urijit Patel
RBI celebrated 75 years in 2010.
Note: Anand Sinha, who was one of the Deputy governor of RBI has retired now.
3. Securities and Exchange Board of India:SEBI was first established in the year 1988 as the non-statutory body for regulating the securities market. It became an autonomous body in 1992 and more powers were given through an ordinance. Since then it regulates the market through its independent powers. SEBI celebrated 25 years on 24th May 2013.
PRESENT CHAIRMAN- Upendra Kumar (U.K. Sinha)
HEAD OFFICE-MUMBAI
4. Insurance Regulatory and Development Authority:The Insurance Regulatory and Development Authority (IRDA) is a national agency of the Government of India and is based in Hyderabad (Andhra Pradesh). It was formed by an Act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements. Mission of IRDA as stated in the act is “to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto.”
PRESENT CHAIRMAN-T.S. Vijayan
5. Forward Market Commission in India: FMC headquartered at Mumbai, is a regulatory authority which is overseen by the Ministry of Consumer Affairs, Food and Public Distribution, Govt of India. It is a statutory body set up in 1953 under the Forward Contracts (Regulation) Act, 1952. This commission allows commodity trading in 22 exchanges in India, out of which three are national.
PRESENT CHAIRMAN- Ramesh Abhishek
6. Pension Fund Regulatory and Development Authority: PFRDA was established by Government of India on 23rd August, 2003. The Government has, through an executive order dated 10th October 2003, mandated PFRDA to act as a regulator for the pension sector. The mandate of PFRDA is development and regulation of pension sector in India.
PRESENT CHAIRMAN- Anup Wadhawan
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