Pre-budget discussion: Pranab to meet top economic regulators

Finance minister Pranab Mukherjee is likely to meet top economic regulators, including RBI governor D Subbarao and SEBI Chairman U K Sinha, to discuss the roadmap ahead for the financial sector.

In a pre-Budget meeting on Saturday, finance minister Pranab Mukherjee is likely to meet top economic regulators, including RBI governor D Subbarao, SEBI chairman U K Sinha and IRDA chairman J Hari Narayan, to discuss the roadmap ahead for the financial sector.

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"All the regulators, who are members of the Financial Stability Development Council (FSDC), have been called by the finance minister Mukherjee for the Saturday's meeting," an official said.

The meeting would also be attended by secretaries in the finance ministry.

"The meeting of FSDC members has been called to discuss the state of Indian economy. They will be giving suggestions for the Budget," the official added.

The meeting could discuss ways to check flow of illicit funds in various financial markets, especially through banking, stock markets and insurance route.

The regulators are also expected to suggests ways to improve the investment climate in the country.

Besides, the meeting is likely to discuss the crisis management framework being prepared by a sub-committee of FSDC to deal with the impact of global financial problems.

FSDC, headed by Mukherjee, coordinates among regulators and looks at financial sector development, financial literacy, financial inclusion and macro-prudential supervision of the economy, including the functioning of large financial conglomerates.

Interestingly, the Financial Action Task Force (FATF), a grouping of 36 nations including India, on Friday night said tax crimes globally should be brought under the scope of money laundering to fight terror financing and proliferation of weapons of mass destruction.