The Ministry of Corporate Affairs today said efforts were on to create a platform where different regulators could sit together with an aim to align regulatory overlaps for the benefit of corporates.
“When we have multiple regulators there has to be some way that they interact with each other so that the procedures are in line with each other. We are in the process of finalising something…,” MCA Secretary D K Mittal told reporters on the sidelines of a AIMA event here.
He said the procedures need to be simplified and there are certain policy issues which could be “thrashed out” when the different regulators sit together.
The ministry has proposed that for better coordination, the regulators meet frequently.
“The MCA agenda is that how can corporates do business at ease,” he said.
The Reserve Bank of India regulates the banking sector, while the Securities Exchange Board of India (SEBI) looks after the capital market. Similarly, there is a regulator for the insurance industry (IRDA) and an interim regulator for the managing pension funds (PFRDA).
Following a row between SEBI and IRDA over regulations of unit linked insurance products (ULIP), the Government recently set up Fiscal Stability and Development Council (FSDC) to avoid such inter-regulatory disputes.