regulators

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Slide 1:

Presented By: Abhishek Dishant Hans Mayank Jain

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Introduction Different Regulatory Bodies TRAI –A Review SEBI – A Review RBI – A Review Need for Autonomy Autonomy and Accountability Future Scope

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Definition : a governmental agency that regulates businesses in the public interest Necessity : Complexity of Markets Supervision Rapid Implementation of Policy Political Interference Functions : quasi-legislative, quasi-judicial and quasi-executive

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SEBI - A Review

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Trade in stock market expanded after World W ar II Stock Exchange trebled from 7 to 21. Various problems that arose were: Excessive Fluctuations-Wide and Wild Fluctuations in the S tock Market

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Defect in the system of settlement in force Defect in the credit facility such as budla , blank transfer Put through business Street Markets and Share Bazaars Independent firms and Outside Brokers Connection with the Stock Exchange Manipulations --Stock Exchange Members-Bear and Bull Tactics, Fake Transactions --Company Promoters and Directors-False Promotion, Unequal Voting Rights

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Effect on credit System Widespread Tax Evasion Stock Market Crises and its effect on Banking

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In 1988, SEBI was established by the Government of India through Became fully autonomous with the passing of the ( SEBI Act) on 30th January 1992 with the prime objective of Protecting the interests of investors in securities, Promoting the development of, and Regulating, the securities market and for matters connected therewith or incidental thereto.’ Focus being the greater investor protection, SEBI has become a vigilant watchdog

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Monetary  Authority Regulator and supervisor of the financial system: Manager of Foreign Exchange Issuer of currency Banker to banks Banker to Government

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Self Sustainability - Independence Need for review of existing laws regarding appointment and removal of members of regulatory bodies Better legal mechanism with checks and balances for the governance Freedom from political interference

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Only administrative ministry… Implications of the policies of these authorities Too much belief in competency and intent of individuals

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Clear definition of functional areas of different bodies (recent case of IRDA vs. SEBI) We have four major financial market regulators(RBI,SEBI, IRDA, PFRDA)… Is there a need for a super regulator? (Role of FSDC- Financial Stability and Development Council Fears of Govt. intruding on RBI’s and SEBI turf)