Jaitley to address RBI, Sebi boards on Feb 11

Jaitley to address RBI, Sebi boards on Feb 11

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print

New Delhi, 07 Feb 2017: Finance Minister Arun Jaitley will address the boards of the Reserve Bank and markets regulator Sebi on February 11 and discuss various financial sector reforms announced in the Union Budget 2017-18.


The customary post-Budget address of the Finance Minister before the boards of the two regulators comes against the backdrop of the government pegging fiscal deficit at 3.2 per cent of GDP for the financial year ending March 2018.


The minister would address the board of Sebi and RBI in Delhi on February 11, sources said.


Jaitley, who presented the Budget on February 1, is likely to inform the boards of both the regulators about various financial sector reforms announced including creating a six-member Payments Regulatory Board in the RBI, headed by its Governor, as part of bringing about structural reforms in the payment eco-system.


Besides, the Budget proposed an amendment to the RBI Act to enable the issuance of electoral bonds.


It also proposed allowing listing of security receipts issued by asset reconstruction companies on stock exchanges to enhance capital flows into the securitisation industry and check bank non-performing assets (NPAs).


Also, he proposed to infuse Rs 10,000 crore in public sector banks in the next fiscal and more will be provided if required.


With regard to capital markets, the minister announced a paperless online mechanism for registration as brokerage firms, mutual funds, portfolio managers and other market intermediaries and linking demat accounts with Aadhaar.


He also announced that commodities and securities derivative markets would be further integrated by integrating the participants, brokers and operational framework.


Sebi, RBI and CBDT would jointly put in place systems and procedures for a common application form for registration, opening of bank and demat accounts and issuing PAN for Foreign Portfolio Investors (FPIs).


In order to strengthen IPO market and channelise more investments, Jaitley has proposed to allow "systemically important" NBFCs, regulated by RBI to be categorised as Qualified Institutional Buyers (QIBs).


Presently institutions such as banks and insurance companies are categorised as QIBs by Sebi. They are eligible for participation in IPOs with specifically earmarked allocations.


Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation 7 + 2  = 
Disclaimer: Kindly do not post any abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful material or SPAM. BelleVision.com reserves the right to block/ remove without notice any content received from users.
Maatru Pratishtana
Infant Jesus Church, Pilar
Infant Jesus Church, Pilar

An Appeal

Monthi Fest - 2017
Monthi Fest - 2017 Album

Albums around the world

Maria Tours & Travels

Sunshine Pride
Sunshine Pride
Uzvaad Fortnightly
Uzvaad Fortnightly

Call : 91 9482810148

Your ad Here
Power Care
Nissi Infinity
Ryan Intl Mangaluru
Tourist & visit visas for UAE
Palm Grove Travels & Tourism

Palm Grove Travels

Syndicate Bank
Mandavi Acropolis
Mandavi Acropolis
pearl printing
Anil Studio
Bellevision Cute Kid Contest
Udupi Today

Konkani Literature World

Grace Ministries