Government auditor CAG has rapped five regulators, including Sebi, Irda and PNGRB, for keeping their surplus funds worth over Rs 2,142 crore collected through fee and penalty outside the government accounts.
IRDA said it wanted to seek a legal mandate jointly with Sebi, but the market regulator had reservations.
Sebi's latest direction is against floating any new product.
At a time when central banks around the world are getting empowered to deal with a range of market- and growth-related challenges, it is disturbing to see the government of India use the subterfuge of a weekend ordinance to diminish the status of the Reserve Bank of India (RBI).
Concerned over the ongoing public spat between the two regulators, the government on Wednesday asked Sebi and Irda to move court immediately on the contentious issue of who will regulate unit-linked insurance products.
The Reserve Bank will soon rope in other regulators Securities and Exchange Board of India and Insurance Regulatory and Development Authority to set up a working group in a bid to strengthen the regulatory mechanism for preventing the potential "c
Will take their views on improving investment climate and boosting economy.
With market regulator SEBI having no objection, leading mutual funds including UTI AMC are now awaiting Reserve Bank's nod to invest in the equity of Fortune-500 companies.
The Reserve Bank of India and the Securities and Exchange Board of India are considering a proposal for allowing Indian mutual funds to invest up to $1 billion in world's biggest companies through equity indices like Dow Jones Global Titans Index.
In September 2013, FMC was brought under the Finance Ministry.
The telecom regulator on Friday released a list of 40 "defaulter" principal entities, including large banks like HDFC Bank, SBI and ICICI Bank, that are not fulfilling the regulatory norms on bulk commercial messages despite repeated reminders. Hardening its stance on the issue, the Telecom Regulatory Authority of India (TRAI) warned that defaulting entities should comply with the stipulated requirements by March 31, 2021 "to avoid any disruption in the communication with customers" from April 1, 2021. "As sufficient opportunity has been given to principal entities/ telemarketers to comply with the regulatory requirements and that the consumers cannot be deprived of the benefits of the regulatory provisions any further, therefore it has been decided that from April 1, 2021, any message failing in the scrubbing process due to non-compliance of regulatory requirements will be rejected" by the system, TRAI said in a statement.
The Financial Sector Legislative Reforms Commission, chaired by Justice B N Srikrishna, has suggested a non-sectoral, principle-based approach to revamp the existing framework.
In a last ditch attempt before the issue moves to a larger Constitutional bench, the government on Wednesday made a fresh pitch before Supreme Court for allowing voluntary use of Aadhaar cards for welfare schemes, saying it was prepared to give an affidavit by the "highest functionary" by Thursday morning that nobody will be deprived of benefits for lack of it.
The Supreme Court on Thursday assured the Centre and bodies like SEBI and RBI that it will take a decision by Friday evening on their plea seeking setting up a larger bench for modifying an earlier order restricting the voluntary use of Aadhaar card to PDS and LPG schemes only.
The Financial Sector Legislative Reforms Commission had in a report last year proposed a unified regulator for the entire financial sector -- markets, insurance, commodities and pension. It had, however, proposed to keep banking out of its purview for now.
Indian regulators have identified certain groups as 'financial conglomerates' and they are being monitored closely for any systemic risks they may pose.
Customs and excise duty rates have been amended mainly to promote Make in India.
Cost is not the only factor that one should look at. It's best to keep investment and insurance apart
