Know the Regulators in India
Know the Global Bodies/ Norms
- The Reserve Bank of India (RBI)
- The Securities and Exchange Board of India (SEBI)
- Insurance Regulatory and Development Authority of India (IRDAI)
- Pension Fund Regulatory and Development Authority
- International Financial Services Centres Authority (IFSCA)
- Directorate General of Foreign Trade (DGFT)
- Directorate General of Audit
1. The Reserve Bank of India (RBI)
- Regulator for banking, payment, finance and microfinance sectors
- Controller of foreign exchange and money markets
- Banker to the Govt.
- Functions: Regulation, Supervision and Enforcement
- Regulated Entities: CBs, CoopBs, SFBs, PBs, MFIs, NBFCs, PAs/PSs
2. The Securities and Exchange Board of India (SEBI)
- Regulator of Capital and Securities Market
- Regulated Entities: Stock Exchanges, Depositories, Stock Brokers, Depository Participants, Merchant Bankers, Registrars, Bankers to Issue, Investment Advisors, Underwriters, Foreign Institutional Investors
- Regulated Activities: Issuance of Securities, Listing of Securities, Trading of Securities
3. Insurance Regulatory and Development Authority of India (IRDAI)
- Development of insurance sector
- Regulation, Supervision and Enforcement functions related to insurance sector
- Regulator of: Life insurance, General insurance, Health insurance, and Reinsurance sectors
- Regulating: Insurance companies, Insurance agents, Insurance products
- Regulates investment by insurance companies
- Adjudicates disputes
4. Pension Fund Regulatory and Development Authority
Regulating the National Pension System (NPS):
- All Citizen Model
- Government Sector Model
- Corporate Model
Regulates Intermediaries:
- Central Record Keeping Agency (CRA): Recordkeeping, administration and customer service functions for NPS subscribers
- Pension Funds: Manage pension corpus through various schemes
- Trustee Bank: Facilitates the transfer of funds among various intermediaries
- Custodian of securities providing custodial and depository participant services
- Point of Presence (PoP): Registration of subscribers, KYC verification, receiving contributions and instructions from subscribers and transmitting in the NPS architecture
- Retirement Advisors: Individuals/ Corporates providing advice on NPS or other regulated pension scheme
- Aggregators: Perform subscriber interface functions under NPS-Swavalamban in respect of their constituent groups
5. International Financial Services Centres Authority (IFSCA)
- Unified regulator to promote ease of doing business in IFSC
- Development and regulation of financial products, financial services and financial institutions
IFSC Business Activities:
- Financial & Insurance Sector:
- Banks, Insurance, Capital Market, Asset Management
- Allied & Support Services:
- Global In-House Centres, Aircraft Leasing & Financing, Fintech Hub, Accounting & Audit Services, Legal & Consultancy Services, R&D Services
6. Directorate General of Foreign Trade (DGFT)
- Part of Ministry of Commerce & Industry
- Involved in regulation and promotion of foreign trade
- Promotion and facilitation of exports/imports
- Network of 24 regional offices
- Issues Importer -Exporter Code (IEC) which is mandatory (except services exports)
- Manages Advance Authorisation Scheme for duty free import of inputs
- Notifies various restrictions or quota or conditions on import of goods
7. Directorate General of Audit
(https://cag.gov.in/cen/mumbai/en)
- Part of the Indian Audit & Accounts Department
- Conducts audits of various Govt. departments
- Director General of Audit (Central), Mumbai
- Director General of Audit (Shipping), Mumbai
- Director General of Audit (Defence Services), New Delhi