Financial Markets and Services

Financial Markets and Services

The financial system in India is regulated by five major regulatory bodies:

1) RBI – the apex monetary institution:

After its establishment in April, 1935 in Calcutta, the Reserve Bank of India (RBI) later moved to Mumbai in 1937. It was nationalised in 1949.

Currently, it has 19 regional offices, majorly in state capitals, and 9 sub-offices. It is the issuer of the currency (Indian Rupee) and regulator of the banking and financial system of the country.

2) SEBI – Regulator for the securities market:

Securities Exchange Board of India (SEBI), although, established in 1988 ,got legal status in 1992 to regulate the functions of securities market and keep a check on malpractices and protect the investors. It is headquartered in Mumbai with regional offices in New Delhi, Kolkata, Chennai and Ahmedabad.

3) Insurance Regulatory and Development Authority of India (IRDAI):

IRDAI is an autonomous apex statutory body tasked with regulating and developing the insurance industry in India. Established in 1999, it is headquartered in Hyderabad, Telangana.

4) Forward Market Commission of India (FMC):

Headquartered in Mumbai, FMC is a regulatory authority under the Ministry of Finance, Govt. of India. It is a statutory body, established in 1953 under the Forward Contracts (Regulation) Act, 1952. The commission allows commodity trading in 22 exchanges in India. The FMC is now merged with SEBI.

5) Pension Fund Regulatory and Development Authority (PFRDA):

Established in October 2003 by the Government of India, PFRDA is tasked with developing and regulating the pension sector in India.

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