India’s Finance Ministry now oversees all financial sector regulators

Forward Markets Commission latest to some under FM.

The Ministry of Finance now exercises administrative control over the Securities and Exchange Board of India; Reserve Bank of India; Insurance Regulatory and Development Authority; Pension Fund Regulatory Development Authority and the Forward Markets Commission.

It said this move aims at better coordination among regulators to resolve the ongoing National Spot Exchange Ltd crisis and to chart a future course of action that ensure s similar crisis does not recur.

NSEL used to offer spot contracts in commodities before its operations were shut down a payment crisis erupted last July. It was not under any regulator.