Bill for regulator disputes passed | business | Hindustan Times
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Bill for regulator disputes passed

Rajya Sabha on Monday passed a Bill to address disputes among financial regulators, with Finance Minister Pranab Mukherjee's assurance that the autonomy of these watchdogs will not be compromised. HT reports.

business Updated: Aug 09, 2010 22:55 IST
HT Correspondent

Rajya Sabha on Monday passed a Bill to address disputes among financial regulators, with Finance Minister Pranab Mukherjee's assurance that the autonomy of these watchdogs will not be compromised.

"There is no question of compromising the autonomy of any regulator," Mukherjee said before the house passed the Securities and Insurance Laws (Amendment and Validation) Bill 2010 to replace an earlier ordinance.

"It's not a matter of the conflict between government and the regulators. It is aimed to solve disputes between the regulators," the Mukherjee said.

The Lok Sabha had passed the bill on August 2 that addresses the turf war between the Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA) over the unit-linked insurance plans (ULIPs).

Mukherjee said a joint committee headed by the finance minister would interfere only when the regulators fail to settle the disputes bilaterally.

"Disputes between regulators are not good for the financial market. It is not good for the economy. There has to be some mechanism to address it," he said, adding: "This cannot be a permanent arrangement."