Financial regulation in India

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Financial regulation in India is governed by a number of regulatory bodies. [1] Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law. [lower-alpha 1]

Contents

History

The history of financial regulation in India can be traced back to the early 19th century when the British East India Company established the Bank of Bengal [2] [3] [4] in 1806. Over time, other banks were established, including the Bank of Bombay in 1840 and the Bank of Madras in 1843, which collectively came to be known as the Presidency Banks. [5]

In 1921, the three Presidency Banks were merged to form the Imperial Bank of India, which was later nationalized and renamed as the State Bank of India in 1955. [6] The Reserve Bank of India was established in 1935 as the central bank of the country, with the objective of regulating the currency and credit system of the country and promoting its economic growth. [7]

After India gained independence in 1947, the government took several steps to regulate the financial sector. In 1949, the Banking Regulation Act was passed, which gave the Reserve Bank of India greater control over the functioning of banks and other financial institutions. [8] [9] The Securities and Exchange Board of India (SEBI) was established in 1988 to regulate the securities markets and protect the interests of investors. [10]

In the 1990s, India embarked on a program of economic liberalization and reforms, which included significant changes in the financial sector. The Narasimham Committee was set up in 1991 to examine the state of the financial sector and make recommendations for its reform. Based on the recommendations of the committee, several measures were taken to liberalize the financial sector and promote competition. [11]

In 1993, the Securities and Exchange Board of India Act was passed, which gave SEBI statutory powers to regulate the securities markets. [12] In 1997, the Insurance Regulatory and Development Authority (IRDA) was established to regulate the insurance sector. [13] [14] The Pension Fund Regulatory and Development Authority (PFRDA) was established in 2003 to regulate the pension sector. [15]

Chornology

Acts and rules

India has a comprehensive system of financial regulations that includes a range of acts and rules to govern various aspects of the financial sector. Some of the key acts and rules that regulate the financial sector in India include: [42] [43]

Regulatory bodies

India has several financial regulatory bodies that oversee and regulate different sectors of the financial system. Here are the major regulatory bodies and the sectors they oversee: [58]

  1. Reserve Bank of India (RBI): RBI is the central bank of India and regulates the overall banking sector in the country, including commercial banks, cooperative banks, and development banks. [59]
  2. Securities and Exchange Board of India (SEBI): SEBI is responsible for regulating the securities market in India, including stock exchanges, brokers, and other market intermediaries.
  3. International Financial Services Centres Authority (IFSCA): It is a regulatory body that was established in April 2020 under the International Financial Services Centres Authority Act, 2019.The IFSCA is responsible for regulating all financial services that are provided within the International Financial Services Centre (IFSC) located in GIFT City, Gujarat, India. The IFSC is a special economic zone that was set up to promote international financial services in India.
  4. Insurance Regulatory and Development Authority (IRDA): IRDA regulates the insurance sector in India, including life insurance, general insurance, and reinsurance.
  5. Pension Fund Regulatory and Development Authority (PFRDA): PFRDA regulates the pension sector in India, including pension funds and the National Pension System.
  6. Forward Markets Commission (FMC): FMC regulates the commodity futures market in India.
  7. Ministry of Corporate Affairs (MCA): MCA regulates corporate governance, corporate social responsibility, and the formation and management of companies in India.
  8. National Housing Bank (NHB): NHB regulates housing finance companies and the housing sector in India.
  9. Department of Economic Affairs (DEA): DEA is responsible for the overall economic policies of India, including fiscal and monetary policies.
  10. Financial Stability and Development Council (FSDC): The FSDC is a high-level coordinating body that oversees and coordinates the functioning of various financial regulatory bodies in India. It aims to ensure financial stability and promote financial sector development in the country.
  11. Deposit Insurance and Credit Guarantee Corporation (DICGC): The DICGC provides insurance to depositors in case a bank fails or becomes insolvent. It insures bank deposits up to a certain amount, which is currently set at Rs. 5 lakhs per depositor per bank.
  12. National Bank for Agriculture and Rural Development (NABARD): NABARD regulates and supervises the rural banking sector in India. It provides credit and other support to farmers, rural development organizations, and other rural institutions.
  13. Small Industries Development Bank of India (SIDBI): SIDBI provides financial assistance to small and medium-sized enterprises (SMEs) in India. It also promotes the development of the SME sector in the country.
  14. Insurance Ombudsman: The Insurance Ombudsman is an independent grievance redressal mechanism for insurance policyholders. It investigates and resolves complaints against insurance companies and other intermediaries.
  15. Pension Fund Ombudsman: The Pension Fund Ombudsman is an independent grievance redressal mechanism for NPS and APY subscribers. It investigates and resolves complaints against pension fund managers and other intermediaries.
  16. Foreign Exchange Dealers' Association of India (FEDAI): FEDAI sets rules and guidelines for foreign exchange transactions in India. It also acts as a self-regulatory organization for banks dealing in foreign exchange transactions.
  17. Clearing Corporation of India Limited (CCIL): It is responsible for providing clearing and settlement services for foreign exchange and money market transactions.
  18. Securities Appellate Tribunal (SAT): It is a quasi-judicial body that hears appeals against SEBI's decisions.

Foreign investment

Foreign investment in India is regulated by the Foreign Exchange Management Act (FEMA) [60] and the regulations issued thereunder by the Reserve Bank of India (RBI). The Indian government has liberalized its foreign investment policies over the years, making it easier for foreign investors to invest in India. [61] [62]

Foreign Direct Investment (FDI) is allowed in most sectors under the automatic route, which means that foreign investors do not require prior approval from the government or the RBI for their investment. However, certain sectors such as defense, telecom, and media require prior approval from the government. [63] [64] [65] [66]

Foreign Portfolio Investment (FPI) is another avenue for foreign investors to invest in India. FPI refers to investments by non-resident Indians (NRIs), foreign institutional investors (FIIs), and qualified foreign investors (QFIs) in securities listed on Indian stock exchanges. FPI is subject to certain limits and conditions prescribed by the Securities and Exchange Board of India (SEBI). [67]

Foreign investment in certain sectors is subject to sector-specific caps on foreign ownership, which vary depending on the sector. For example, in the insurance sector, foreign ownership is capped at 49%, while in the defense sector, it is capped at 74%. [68]

The Indian government has also established the Foreign Investment Promotion Board (FIPB), which is responsible for reviewing and approving foreign investment proposals that do not fall under the automatic route. However, the FIPB has been abolished and the government has streamlined the approval process for foreign investment proposals. [69]

Anti-money laundering

India has implemented several measures to prevent money laundering and terrorist financing, including the Prevention of Money Laundering Act (PMLA) of 2002. The PMLA is the primary legislation for combating money laundering in India and is administered by the Financial Intelligence Unit (FIU) of the Ministry of Finance. [70]

Under the PMLA, financial institutions, including banks, insurance companies, and securities firms, are required to conduct due diligence on their customers, monitor their transactions, and report any suspicious transactions to the FIU. The Act also provides for the freezing and seizure of assets suspected to be the proceeds of crime.The act also sets up a specialized agency, the Enforcement Directorate (ED), to investigate and prosecute money laundering cases. [71]

In addition to the PMLA, India has also implemented other measures to combat money laundering, including the Foreign Exchange Management Act (FEMA) and the Income Tax Act. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have also issued guidelines to their regulated entities for compliance with anti-money laundering regulations.

India is also a member of the Financial Action Task Force (FATF), an intergovernmental organization that sets standards and promotes effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. India is subject to regular reviews by the FATF to ensure compliance with its standards.

In addition to the PMLA, India has implemented several other financial regulations to combat money laundering. These regulations include:

  1. Know Your Customer (KYC) norms: KYC norms require banks and financial institutions to verify the identity of their customers before providing any financial services. KYC norms involve obtaining and verifying personal information and documents, such as Aadhaar card, PAN card, passport, and driver's license. KYC norms help to prevent the use of fake or forged documents in financial transactions.
  2. Suspicious Transaction Reporting (STR): STR requires banks and financial institutions to report any suspicious transactions to the Financial Intelligence Unit (FIU) of India. Such transactions could include those that are unusual or inconsistent with the customer's known sources of income. Banks and financial institutions are also required to maintain records of these transactions.
  3. Foreign Account Tax Compliance Act (FATCA): FATCA is a US law that requires foreign financial institutions to report information about US taxpayers to the US Internal Revenue Service (IRS).India has signed an agreement with the United States to implement FATCA. Under this agreement, Indian financial institutions are required to report information about their American clients to the Indian government, which will then be shared with the US government.
  4. Common Reporting Standard (CRS): India has also signed the CRS agreement with other countries to exchange information on financial accounts held by foreign residents.
  5. Anti-Money Laundering (AML) guidelines: The Reserve Bank of India (RBI) has issued AML guidelines for banks and financial institutions to follow while conducting financial transactions. These guidelines include measures such as customer due diligence, record keeping, and risk management.
  6. Prevention of Money Laundering Act, 2002 (PMLA): The PMLA defines money laundering as an act of disguising the proceeds of a crime as legitimate funds. It also sets out the penalties for those found guilty of money laundering, which can include imprisonment and fines. The act applies to all individuals and entities, including banks, financial institutions, and money changers.

Banking regulation

Banking regulation in India is overseen by the Reserve Bank of India (RBI), which is the central bank of the country. The RBI was established in 1935 and is responsible for regulating and supervising banks and other financial institutions in India. [72] [73]

The RBI's primary objective is to maintain the stability of the Indian financial system, which it achieves through various regulatory measures. Some of the key regulations enforced by the RBI include: [74] [75] [76] [77] [78] [79]

Banking regulation acts

There are several banking regulation acts in India that govern the functioning of banks and other financial institutions in the country. Some of the key acts are: [80]

Securities market regulation

Securities market regulation in India is primarily overseen by the Securities and Exchange Board of India (SEBI), which is responsible for regulating the securities markets in the country. SEBI has issued various regulations and guidelines to ensure that the securities markets operate in a fair, transparent, and efficient manner. Here are some key aspects of securities market regulation in India: [82] [83]

Securities markets regulation acts

The securities markets in India are regulated by several acts, rules, and regulations. Here are some of the key securities market acts in India: [84]

Bullion regulation

Bullion regulation in India is overseen by the government and various regulatory bodies. Bullion refers to precious metals such as gold and silver, which are often used as a store of value and a hedge against inflation. [85] [86] [87]

Here are some key aspects of bullion regulation in India:

Bullion regulation acts

Bullion regulation in India is governed by various Acts and regulations. Here are some of the key Acts and regulations that are relevant to bullion regulation in India:

Financial services licenses

In India, financial services licenses are issued by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) depending on the type of financial activity being conducted.Here are some financial services licenses in India:

  1. Banking License: Banks in India are regulated by the Reserve Bank of India (RBI) under the Banking Regulation Act, 1949. The RBI is responsible for issuing banking licenses in India, and banks are classified into different categories based on their ownership, size, and type of operations. Scheduled banks are those that are included in the Second Schedule of the RBI Act and are eligible for certain privileges such as borrowing from the RBI. Non-scheduled banks are those that are not included in the Second Schedule of the RBI Act. Public sector banks are those that are owned by the government of India, while private sector banks are those that are owned by private individuals or entities. Foreign banks are those that have a presence in India but are headquartered outside the country. Cooperative banks are those that are owned and operated by cooperatives.
  2. Non-Banking Financial Company (NBFC) License: NBFCs are financial institutions that provide various financial services such as lending, investment, and deposit-taking, but are not licensed to accept demand deposits. The RBI is responsible for issuing NBFC licenses in India, and NBFCs are classified into different categories based on their activities. Systemically Important NBFCs (SI-NBFCs) are those that have a balance sheet size of over Rs. 500 crore or accept public funds, while Non-Systemically Important NBFCs (NSI-NBFCs) are those that do not meet these criteria.
  3. Insurance License: The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for issuing licenses for insurance companies in India. Insurance companies can operate in different categories such as life insurance, general insurance, and health insurance. Life insurance companies offer various types of life insurance policies such as term insurance, endowment policies, and unit-linked insurance plans (ULIPs). General insurance companies offer various types of non-life insurance policies such as motor insurance, home insurance, and travel insurance. Health insurance companies offer various types of health insurance policies such as individual health insurance, family floater health insurance, and critical illness insurance.
  4. Mutual Fund License: SEBI is responsible for regulating mutual funds in India and issuing licenses to mutual fund companies. Mutual fund companies are allowed to operate different types of funds such as equity funds, debt funds, and hybrid funds. Equity funds invest primarily in stocks, debt funds invest primarily in bonds, while hybrid funds invest in a combination of stocks and bonds.
  5. Stock Broker License: SEBI also issues licenses to stock brokers in India. Stock brokers are intermediaries that facilitate buying and selling of securities on behalf of clients on stock exchanges in India. Stock brokers can operate in different categories such as full-service brokers and discount brokers.
  6. Depository Participant License: SEBI also issues licenses to depository participants in India. Depository participants are intermediaries that offer services related to holding and trading of securities in electronic form through a depository system. Depository participants can operate in different categories such as NSDL and CDSL.

See also

Sources

The information for the above points was gathered from various sources, including:

Journals and Further reading

Notes

  1. ↑ Joanna Benjamin 'Financial Law' Oxford University Press

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