Lok Sabha passes bill on new financial sector regulator

02 Aug 2010

1

The Lok Sabha today passed the controversial Securities and Insurance Laws (Amendment and Validation) Bill 2010 paving the way for setting up the Financial Stability and Development Council (FSDC).

Finance minister Pranab MukherjeeThe bill provides for setting up of the FSDC, a joint mechanism headed by the finance minister, to resolve differences among the sectoral regulators such as SEBI, IRDA and PFRDA.

The bill seeks to amend the Reserve Bank of India Act, 1934, the Insurance Act, 1938 as also the Securities and Exchange Board of India Act, 1992.

Finance minister Pranab Mukherjee who piloted the bill lat week said the first stage of arbitration would be a high-level committee chaired by the governor of the Reserve Bank of India.

He said the bill in no way interferes with the monetary authority of the Reserve Bank of India, and would only impact its regulatory functioning.

"The new panel on financial disputes called the Financial Stability and Development Council (FSDC) will not be the super regulator," the minister said.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more