August 9, 2010 6:20 PM

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Parliament passes a bill which address disputes among financial regulators

Parliament has passed a bill which address disputes among financial regulators. The Rajya Sabha today gave the nod to the bill while the Lok Sabha passed it earlier. The Finance Minister Pranab Mukherjee's assured the house that the autonomy of these watchdogs will not be compromised. The bill provides for a joint mechanism headed by the finance minister to resolve differences among the financial regulators such as those for equities insurance and pension. Mr. Mukherjee made it clear that the idea was not to set up a super regulator.The bill also addresses the concerns of Reserve Bank of India Governor , who had expressed discomfort at the formation of any such body, apprehending interference with the apex bank's monetary policy functioning.

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