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Who regulates whom in the financial world? September 16, 2009

Posted by mais in Patent.
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Who regulates whom in the financial world?
via Indianomics by SriRam Vadlamani on 8/30/09


The importance of regulations and regulators would have been very clear by now. Especially after the Satyam saga. Regulators are the good people who know who should run in which way. If there is a deviation it is the regulators job to tell so and advise corrective action.

The external auditors for Satyam are PWC. It is the job of the auditors of PWC toregulations actually check all the bank deposits and other instruments mentioned on the balance sheet. Since they haven’t done their job very well India has got its biggest corporate fraud. In the case of auditors, Institute of Chartered accounts in India (ICAI) is the governing body of all the chartered accountants in India. It becomes the job of ICAI in this case to put the auditors of PWC in the right place.

Another biggest regulatory body in the financial markets is Securities and exchange Board in India (SEBI). It has to step into action every now and then. Be it the ipo allocation fraud or the pledging of shares or the price-sensitive rumours. SEBI is the watchdog. If it lapses then the hell will break loose, literally.

There is a governing agency for all the practitioners in the financial world. Here I am listing down the entity and its governing agency.

REGULATOR
BANKS – ISSUE COLLECTION SEBI
CREDIT RATING AGENCIES SEBI
CUSTODIAL SERVICES SEBI
DEBENTURE TRUSTEES SEBI
DEPOSITORIES SEBI
DEPOSITORY PARTICIPANTS SEBI
FOREIGN BROKERS SEBI
FOREIGN DEBT FUNDS SEBI
FOREIGN INVESTMENT INSTITUTIONS SEBI
INVESTMENT BANKERS SEBI
INVESTOR ASSOCIATIONS SEBI
MUTUAL FUNDS & ASSET MANAGEMENT COMPANIES SEBI
PLANTATION COMPANIES SEBI
PORTFOLIO MANAGERS SEBI
REGISTRARS & SHARE TRANSFER AGENTS SEBI
STOCK BROKERS SEBI
STOCK EXCHANGES SEBI
SUB-BROKERS SEBI
VENTURE CAPITAL FUNDS SEBI
BANKS RBI
CHIT FUNDS RBI
NBFCs RBI
PRIMARY DEALERS RBI
CO-OPERATIVE BANKS RBI
INSURANCE BROKERS/ AGENTS IRDA
INSURANCE COMPANIES IRDA
AUDITORS ICAI/CAG
COMPANIES – ALL MCA/ROC
COMPANIES – LISTED MCA/ROC/SEBI/SE
COMPANY SECRETARIES ICSI
MUTUAL FUND BROKERS/ AGENTS AMFI/SEBI
NEWSPAPERS & MAGAZINES PCI
RADIO MIB
TV MIB
SOLICITORS & LEGAL ADVISORS BCI

As you can see, SEBI is the regulator body for all the happenings in the stock market world. RBI is the regulatory body for all the banks, co-operative banks and the non-banking financial institutions.  (Source : IEPF)

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Posted via email from ipminds’s posterous

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