The Finance Minister, Mr Pranab Mukherjee has said the government has no intention to dilute the autonomy of various regulators operating in the Indian economy. He was replying to a discussion on the Securities and Insurance Laws Amendment and Validation Bill, in the Lok Sabha today.He said the government has worked out a mechanism to settle the disputes between regulators of financial market and the Insurance sector by proposing the setting up of a Financial Services Development Council. He said the proposed mechanism is the result of the dispute between the Securities and Exchanges Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA) over their jurisdiction. Earlier, introducing the bill, replacing an ordinance, the Finance Minister gave details of the disputes between the two regulators and said ultimately it was the duty of the government to resolve the issue in the interest of the country's economy and the investors. The House later adopted the bill after a statutory resolution moved by the opposition withdrew their amendments.Earlier, initiating the discussion, Mr. Nishikant Dube of BJP criticised the government for setting up of regulators in various sectors. He wanted to know how many of the recommendations made by the Raghuram Rajan Committee in this regard. Mr Manish Tiwary of the Congress, welcomed the amendment bill saying that it is in the interest of the investors. He said the country could sustain the adverse impact of the global economic crisis because of its sound regulatory system in handling the financial market.