Financial Sector Regulators

Subject – Economy

Context – Financial sector regulators must foster competition: CEA

Concept –

Financial sector regulators must adopt a “developmental” mindset to increase access and encourage competition in the sectors that they oversee, whether it be mutual funds, pensions or insurance, Krishnamurthy Subramanian, Chief Economic Advisor to Finance Ministry has said.
While we have over 40 mutual fund houses in the country, top 4-5 account for 70-80 per cent of the inflows. That is not indicative of a sector that is competitive.
The Global Fintech Fest 2021 was organised by Fintech Convergence Council (FCC) and Payments Council of India ( PCI), of Internet and Mobile Association of India (IAMAI).

Financial Regulators in India

SEBI: The market regulator in the Indian capital market is the Securities and Exchange Board of India (SEBI).
IRDAI: The Insurance Regulatory and Development Authority (IRDA) does the same for the insurance sector.
RBI: Reserve Bank of India (RBI) conducts the country’s monetary policy.
PFRDA: Pension Funds Regulatory and Development Authority (PFRDA) regulates pensions.
MCA: Ministry of Corporate Affairs (MCA) regulates the corporate sector.