Financial Authorities in India

The financial authorities in India delineate the laws that are related to the functioning of various components of the Indian economy, for example, the banks. Following are the chief financial authorities in India:
· Securities and Exchange Board of India (SEBI)
o Insurance Regulation and Development Authority (IRDA)
o Reserve Bank of India (RBI)
o Central Board of Direct Taxes (CBDT)
o Central Board of Excise and Customs (CBEC)
Reserve Bank of India

The Reserve Bank of India acts as the central banking authority of India. It was established on the 1st of April, 1935. It plays a variety of roles in the context of Indian economy and they are the following:
o Monetary Authority
o Issuer of Currency
o Regulator and Supervisor of the Financial System
o Developmental Role
o Manager of Exchange Control
As the monetary authority of India, Reserve Bank of India performs the following functions:
o Formulates the monetary policy
o Monitors the monetary policy
o Implements the monetary policy
Reserve Bank of India performs the following functions as the issuer of currency:
o Issues currency
o Destroys currency and coins that are not fit for circulation
o Exchanges currency
In the capacity of the regulator and supervisor of the financial system, Reserve Bank of India executes the following function:

Dictates the broad parameters of banking operations within which the banking and financial system of India works

Securities and Exchange Board of India

The Securities and Exchange Board of India was incorporated by the Government of India in the year 1992 by the introduction of the SEBI Act, 1992. It is an independent body and acts as the regulator of the stock and securities markets in India. Following are its principal functions:
Drafts rules in a legislative capacity
Passes rules and orders in a judicial capacity
Makes enquiries and enforcement action in an executive function
Insurance Regulation and Development Authority

The Insurance Regulation and Development Authority looks after the insurance and re-insurance businesses in India. They are supposed to perform the following duties:
Govern the growth of insurance and re-insurance business in India
Guarantee the growth of insurance and re-insurance business in India
Boost the growth of insurance and re-insurance business in India
For more information on Specialized Financial Institutions in India please click on the following links:

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Last Updated on : 27th June 2013

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