Bank, IBPS & SSC Job Updates
Follow us @
  • Home
  • Bank Exams
  • SSC Exams
  • Practice Material
  • Interview Tips
  • Common Facts
    • General Facts
    • Banking Termonology
    • Computer Awareness
  • UltimateCrazy.com

All Financial Regulatory Bodies in India.

5/29/2013

1 Comment

 
Financial Regulatory Bodies In India

The financial system in India is regulated by independently in the field of banking, insurance, capital market, commodities market, and pension funds. The financial regulation in India is very strict & powers are limited in comparison of other countries. Government of India plays a significant role in controlling the financial system in India and influences the roles of such regulators at least to some extent.

 The following are five major financial regulatory bodies in India:-
 
    Reserve Bank of India :  Reserve Bank of India (RBI) is the sole regulatory body of banking as well as non banking financial bodies or financial institutions network in India. It is also called as the central bank of the country.
    
   The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.   Though originally privately owned, since nationalization in 1949,  now the Reserve Bank is fully owned by the Government of India.

    Securities and Exchange Board of India  :  SEBI Act, 1992 : Securities and Exchange Board of India (SEBI) regulate the capital (Security market) market in India. Securities and Exchange Board of India (SEBI) was first established in the year 1988 as a 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.
  
  Insurance Regulatory and Development Authority(IRDA) : The Insurance Regulatory and Development Authority (IRDA) regulate the whole insurance industry in India. 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."

    Forward Market Commission India (FMC) : Forward Markets Commission (FMC) regulate the ministry consumer affairs means regulate the whole distribution system of government. Forward Markets Commission (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 level.

 
Pension Fund Regulatory and Development Authority (PFRDA) under the Finance Ministry:  Pension Fund Regulatory and Development Aulthority (PFRDA) regulate the whole pension fund & development of pension fund.Pension Fund Regulatory and Development Aulthority (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.
1 Comment
Accurate MCX & NCDEX Tips link
1/12/2015 07:49:38 pm

the person who created this post is a genius and knows how to keep the readers connected..Thanks for sharing this with us. I found it informative and interesting. Looking forward for more updates..

Reply

Your comment will be posted after it is approved.


Leave a Reply.

    Archives

    December 2013
    November 2013
    October 2013
    May 2013

    Categories

    All
    Banking Terminology

    RSS Feed

Powered by Create your own unique website with customizable templates.