No plans to dilute powers of regulators: Pranab

KOLKATA - Finance Minister Pranab Mukherjee Saturday said the government would not dilute the powers of the regulators, who are doing a good job in the current economic situation.

Referring to the government decision to set up an apex Financial Stability and Development Council “for monitoring macro-prudential-level supervision of the economy including functions of large financial conglomerates”, Mukherjee said this would in no way dilute the powers of the existing regulators.

“We have no interest to dilute regulatory bodies which are doing a good job in the current situation,” the finance minister said while addressing an international convention organised by the Association of National Exchange Members of India (ANMI) with the Securities and Exchange Board of India (SEBI) and the National Stock Exchange (NSE).

Mukherjee said “regulators need to make the marketplace safer for investors”. He said the government always encourages the regulators to promote more products in the market.

Laying stress on ushering in more reforms, Mukherjee said the financial norms in the country were decades old. “Some are 50 years old. It is high time that we make some changes.”

“The need, therefore, is to clear the cobwebs generated over decades to provide a firm foundation to usher in a new wave of reforms,” Mukherjee said.

Speaking at another programme, the finance minister said the government was working on legislation to ensure food for all as part of its policy of inclusive growth.