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Tuesday, Apr 09, 2002

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No need for super-regulator, says Jalan

Our Bureau

NEW DELHI, April 8

THE Reserve Bank of India (RBI) Governor, Dr Bimal Jalan, today told the Joint Parliamentary Committee (JPC) probing the stock scam that he was not in favour of a ''super-regulator'' for the financial sector.

"The RBI Governor was of the opinion that the idea of a lead regulator or a super regulator was not a good one and that there could a different regulator for stock market and banking activities'', the JPC Chairman, Mr Prakash Mani Tripathi, told reporters after the meeting.

Dr Jalan is said to have told the JPC that he was in favour of more stringent actions against the violators in the stock market. He held that the penalties for stock market offences should be more stringent and should be a deterrent.

The RBI Governor felt that the problem of time lag between the settlements in stock exchanges and the fund flow from banks would be over after the electronic fund transfer system is introduced in all centres by March 2003. Currently, they are operational in 13 centres, Dr Jalan had said.

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No need for super-regulator, says Jalan

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