Q. Consider the following statements regarding “Financial Sector Development Council (FSDC)”:
1.Prime Minister is the chairman of FSDC.
2.It resolves inter-agency disputes.
Which of the statements given above is/are correct?
Explanation: Few years back, an important addition was made to the regulatory architecture—the Financial Sector Development Council (FSDC) was set up which replaced the High-Level Committee on Capital Markets.
- The council is convened by Ministry of Finance and does not have statutory authority—it is structured as a council of regulators—Finance Minister as chairman. It has a permanent secretariat.
- The council resolves inter-agency disputes; look after the regulation of financial conglomerates that fall under various regulators’ purview; and performs wealth management functions dealing with multiple products.
Source: Ramesh Singh