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Indian Lawyer Services :: Finicial Services Law in India::

financial services in India?
Securities and Exchange Board of India (“SEBI”);
• Reserve Bank of India (“RBI”);
• Ministry of Finance (“MoF”);
• Insurance Regulatory and Development Authority (“IRDA”); and
• Forward Markets Commission (“FMC”).
SEBI is the peak body regulating the securities markets in India. It was established to protect the interests of investors

in securities and to permit the development and effective regulation of the securities markets. SEBI regulates the business in stock exchanges and other securities markets. SEBI is responsible for registering and regulating the operations of various intermediaries in the securities markets including stockbrokers,


foreign institutional investors, merchant bankers, underwriters and portfolio managers. It also regulates venture capital funds and investment schemes including mutual funds. SEBI also has primary responsibility for preventing, prohibiting and punishing fraudulent and unfair trade practices relating to the securities markets.

RBI regulates the banking industry and generally performs the obligations of a central bank. Its functions include acting as a banker to the Government, regulating the issue of currency in India, acting as a banker to other commercial
banks, exercising control over the volume of credit of commercial banks to maintain price stability, controlling advances granted by commercial banks and developing policies on the rates of interest on which advances may be granted by
banks. RBI is also responsible for maintaining the official exchange rate of the rupee. RBI acts as the custodian of India’s international currency reserves and administers foreign exchange controls.

In addition to its traditional central banking functions, RBI has certain non-monetary functions including supervision of banks, ensuring proper management of banks and promoting sound banking practices.
IRDA regulates the insurance sector in India. It regulates, promotes and ensures the orderly growth of the insurance and re-insurance business. IRDA also administers legislation governing the operation of insurance companies and insurance intermediaries with a view to protecting the interests of policyholders.

FMC is the primary regulatory authority of the forward commodities market. Its functions, which are mainly advisory, are administered by the Ministry of Consumer Affairs and Public Distribution. The FMC advises the Central Government in relation to the recognition or withdrawal of recognition of intermediaries, associations and other participants in the forward market. It also has responsibility to keep the forward market under observation, collect information and make recommendations for improvements in the working of the forward market. The forward market is also regulated by rules and by laws of registered associations.

The MoF also plays an important role in the financial sector. Prior to the reforms of the 1990’s, MoF was responsible for supervising the rules and regulations governing the banking and securities market. MoF is involved in legislative issues and policy matters that are beyond the domain of any one.

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