Jpc May Recommend Super Regulator For Financial Sector

The Joint Parliamentary Committee may recommend the appointment of a super-regulator or a super-coordinator for the financial sector as part of its report on the stock market scam.

Highly placed sources told Business Standard that the JPC on stock market scam will discuss in great detail the need for such a super-regulator that will subsume the role of the Securities and Exchange Board of India (Sebi). To ensure that the issue is not pre-judged, the Centre has decided to withdraw the Cabinet note to give more powers to Sebi.

Sources said the Cabinet will take a decision on providing Sebi with more teeth only after JPC gives specific recommendations to the government.