High-level panel on financial markets meets
27 Mar 2010
A meeting of the high-level coordination committee on financial markets (HLCCFM) on Friday reviewed the developments in the financial markets and deliberated, among others, on issues relating to the development of the corporate debt market.
The finance minister, in his budget announcements, has proposed the setting up of a Financial Stability and Development Council (FSDC) and the Financial Sector Legislative Reforms Commission (FSLRC). The budget proposals were based on the report of the Committee on Investor Awareness and Protection and other inter-regulatory matters.
The meeting, held at the RBI office in Mumbai, was chaired by Reserve Bank governor D Subbarao. Finance secretary Ashik Chawla, secretary to the department of financial services R Gopalan, chief economic advisor to the ministry of finance Kaushik Basu, SEBI chairman C B Bhave, IRDA chairman J Hari Narayan, pension fund regulator GC Chaturvedi and senior officials of the finance ministry also attended the meeting.
The HLCCFM is a high-level forum for interface among the financial sector regulators.
The meeting coincided the release of the Reserve Bank's release of the first `Financial Stability Report', which suggested limited risk to the country's financial stability.
The issues of financial stability and appropriate balance between financial innovation and regulation have come to the fore following the global financial crisis.
