, India

India likely to have one regulator for the finance sector

Five regulating agencies to be merged into a Unified Financial Agency.

The Finance Sector Legislative Reforms Commission (FSLRC) recommends that the Securities and Exchange Board of India (SEBI), the Forward Markets Commission (FMC), the Insurance Regulatory and Development Authority (IRDA), the Pension Fund Regulatory and the Development Authority (PFRDA) be merged into a UFA.

The Reserve Bank of India, the central bank, will restrict its regulatory activities to regulating banks and managing monetary policy.

A FSLRC report said RBI should govern only outward capital flows and be stripped of its power to control Non-Banking Finance Companies. The task of monitoring inward flows will be left to the government.
 

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