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Now CAG wants to evaluate performance of regulators

business Updated: Sep 11, 2011 21:16 IST

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The Comptroller and Auditor General (CAG) is seeking to widen the scope of its powers to audit the performance of the Securities and Exchange Board of India (SEBI), the Telecom Regulatory Authority of India (TRAI) and the Insurance Regulatory and Development Authority (IRDA) as part of the new legislation that will replace the CAG Act, 1971.

The proposed CAG Bill, under consideration of the finance ministry, is likely to be tabled in the next session of Parliament.

"The CAG is looking into the books of regulators such as TRAI, SEBI and IRDA, but now wants to audit their performance also," said official sources.

The CAG has already submitted a draft Bill to the finance ministry for replacing the CAG Act. The new law is aimed at significantly expanding the scope of the CAG's audit responsibilities.