Regulators in India
Reserve Bank of India— India’s central banking institution, which controls the monetary policy of the Indian rupee, was formed in accordance with the provisions of the Reserve Bank of India Act in 1934.The RBI plays an important part in the Development Strategy of the Government of India.
Securities & Exchange Board of India–It is the regulator for the securities market in India. It was established in the year 1988 and given statutory powers on 12 April 1992 through the SEBI Act, 1992.Current Chairman is UK Sinha.
Pension Fund Regulatory and Development Authority— It is a pension regulatory authority which was established by Government of India on August 23 2003. PFRDA is authorized by Ministry of Finance, Department of Financial Services. PFRDA promotes old age income security by establishing, developing and regulating pension funds and protects the interests of subscribers to schemes of pension funds and related matters.
Central Electricity Regulatory Commission—It is a key regulator of power sector in India, is a statutory body functioning with quasi-judicial status under sec – 76 of the Electricity Act 2003. CERC was initially constituted on 24 July 1998 under the Ministry of Power’s Electricity Regulatory Commissions Act, 1998 for rationalization of electricity tariffs, transparent policies regarding subsidies, promotion of efficient and environmentally benign policies, and for matters connected Electricity Tariff regulation.
recording a turnover of Rs. 600 crore.
Insurance Regulatory and Development Authority of India–It is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.IRDA batted for a hike in the foreign direct investment (FDI) limit to 49 per cent in the insurance sector from the erstwhile 26 per cent. The FDI limit in insurance sector was raised to 49% in July 2014.
Forward Markets Commission–The Forward Markets Commission (FMC) is the chief regulator of commodity futures markets in India. As of July 2014, it regulated Rs 17 trillion worth of commodity trades in India. It is headquartered in Mumbai and this financial regulatory agency is overseen by the Ministry of Finance. The Commission allows commodity trading in 22 exchanges in India, of which 6 are national.Finance Minister Arun Jaitley announced its merger with SEBI in his Budget speech of 2015.
Registrar of Companies–The Registrar of Companies India is the official agency that deals with administration of Companies Act, 2013. It falls under Ministry of Corporate Affairs. It has offices in all major Tstates of India.The Registrar of Companies is the primary regulator for company- related matters in India. It is popularly known as ROC.
Food Safety and Standards Authority of India–The Food Safety and Standards Authority of India (FSSAI) is an agency of the Ministry of Health & Family Welfare, Government of India. The FSSAI is responsible for protecting and promoting public health through the regulation and supervision of food safety. The FSSAI has been established under the Food Safety and Standards Act, 2006 which is a consolidating statute related to food safety and regulation in India.