Statutes governing the various segments of the financial markets and the statutory authorities


Statute means an Act passed either by the Parliament or State legislature.

Money market – No specific statute – controlled by RBI

Capital market – Securities Contracts Regulations Act and Rules as well as SEBI regulations for the various operators in the Capital market – controlled by SEBI. Mutual Funds also come under the Regulations of SEBI.

Insurance – Insurance Regulatory and Development Act (IRDA) – controlled by the Insurance Regulatory and Development Authority coming under GOI, Ministry of Finance

Banking – Banking Regulations Act controlled by RBI

Non-banking Financial Companies (NBFCs – example Kotak Mahindra Finance Company Limited) – Non-Banking Financial Companies Act of RBI

Functioning of limited companies registered in India – The Companies’ Act – controlled by the Company Law Board (CLB) coming under GOI, Ministry of Finance. The principal officer is known as “The Registrar of Companies” (ROC).

Foreign Exchange market – Foreign Exchange Management Act and Exchange Control Regulations Act both coming under the RBI

Some segments of the financial markets like the Indian companies accessing international markets come directly under the GOI, Ministry of Finance

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