Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: list of goods taxed at 4% :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: cpt
 
 
« Budget Extravaganza »
 How presenting the Budget early seems to be paying off already
 Budget advancement helps Centre, states start spending early
 Five things that you can expect from the Mumbai civic budget today
 GST all set for July 1 rollout but casts shadow on state budgets
 Income-Tax collection revised in Rajasthan budget
 No new taxes likely in Maharashtra Budget
 H.P. budget devoid of any financial prudence
 GST, demonetisation todecide budget priorities
 Railways to come up with mini-budget tomorrow
 Budget today, but GST kills the tax suspense
 Budget 2017 does little to expand taxpayer base, salaried still bear brunt of taxes

RBI not willing to budge
October, 23rd 2009

The Reserve Bank of India, or RBI, has made a strong pitch for holding on to its turf of being the sole regulator for the financial sector. This, according to the Indian central bank, is essential to ensure financial stability.

Admitting that the global financial meltdown has led to a debate on the regulatory structure best suited to safeguard financial stability, RBIs Report on Trend and Progress of Banking in India, an annual publication that provides a detailed account of policy developments and performance of commercial lenders in the country, said: ...The responsibility for financial stability cannot be fragmented across several regulators; it has to rest unambiguously with a single regulator, and that single regulator optimally is the central bank.

It also said, There is need for coordination across regulators on a regular basis and for developing a protocol for responding to a crisis situation.

The RBI report said that the present arrangement of regulating over-the-counter (OTC) derivatives products, or products not traded on exchanges, is well established as only those derivatives where one party to the transaction is an RBI-regulated entity, have legal validity.

By saying this, the Indian central bank has made it clear that it is not ready to concede ground to the capital market regulator Securities and Exchange Board of India or Sebi and intensified the turf war that RBI governor D. Subbarao hinted at in September by coming down heavily on two influential reports that suggested transfer of power to regulate all financial instruments to Sebi.

The exchange-traded products are regulated by the Sebi anyway and hence, ...unlike many countries, India has established procedures for regulation of OTC derivatives, the RBI report said.

Both the Percy Mistry committee report on making Mumbai an international financial centre and Raghuram Rajan panel report on financial sector reforms had suggested Sebi as the sole regulator of derivatives transactions.

It also said, There is need for coordination across regulators on a regular basis and for developing a protocol for responding to a crisis situation.

The RBI report said that the present arrangement of regulating over-the-counter (OTC) derivatives products, or products not traded on exchanges, is well established as only those derivatives where one party to the transaction is an RBI-regulated entity, have legal validity.

By saying this, the Indian central bank has made it clear that it is not ready to concede ground to the capital market regulator Securities and Exchange Board of India or Sebi and intensified the turf war that RBI governor D. Subbarao hinted at in September by coming down heavily on two influential reports that suggested transfer of power to regulate all financial instruments to Sebi.

The exchange-traded products are regulated by the Sebi anyway and hence, ...unlike many countries, India has established procedures for regulation of OTC derivatives, the RBI report said.

Both the Percy Mistry committee report on making Mumbai an international financial centre and Raghuram Rajan panel report on financial sector reforms had suggested Sebi as the sole regulator of derivatives transactions.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions