Financial regulation in India

This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.
Find sources: "Financial regulation in India" – news · newspapers · books · scholar · JSTOR (May 2024) (Learn how and when to remove this message)

|

Financial regulation in India is governed by a number of regulatory bodies.[1] Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.[a]

## History

[edit]

The history of financial regulation in India can be traced back to the early 19th century when the British East India Company established the Bank of Bengal[2][3][4] in 1806. Over time, other banks were established, including the Bank of Bombay in 1840 and the Bank of Madras in 1843, which collectively came to be known as the Presidency Banks.[5]

In 1921, the three Presidency Banks were merged to form the Imperial Bank of India, which was later nationalized and renamed as the State Bank of India in 1955.[6] The Reserve Bank of India was established in 1935 as the central bank of the country, with the objective of regulating the currency and credit system of the country and promoting its economic growth.[7]

After India gained independence in 1947, the government took several steps to regulate the financial sector. In 1949, the Banking Regulation Act was passed, which gave the Reserve Bank of India greater control over the functioning of banks and other financial institutions.[8][9] The Securities and Exchange Board of India (SEBI) was established in 1988 to regulate the securities markets and protect the interests of investors.[10]

In the 1990s, India embarked on a program of economic liberalization and reforms, which included significant changes in the financial sector. The Narasimham Committee was set up in 1991 to examine the state of the financial sector and make recommendations for its reform. Based on the recommendations of the committee, several measures were taken to liberalize the financial sector and promote competition.[11]

In 1993, the Securities and Exchange Board of India Act was passed, which gave SEBI statutory powers to regulate the securities markets.[12] In 1997, the Insurance Regulatory and Development Authority (IRDA) was established to regulate the insurance sector.[13][14] The Pension Fund Regulatory and Development Authority (PFRDA) was established in 2003 to regulate the pension sector.[15]

### Chornology

[edit]

Timeline of Indian Financial Registrations

* 1806: The Bank of Bengal is established by the British East India Company.
* 1840-1843: The Bank of Bombay and the Bank of Madras are established, which together with the Bank of Bengal, came to be known as the Presidency Banks.[5]
* 1921: The three Presidency Banks are merged to form the Imperial Bank of India.[6]
* 1935: The Reserve Bank of India is established as the central bank of the country.[7][16]
* 1947: India gains independence from British rule.
* 1949: The Banking Regulation Act is passed, which gives the Reserve Bank of India greater control over the functioning of banks and other financial institutions.[9]
* 1955: The Imperial Bank of India is nationalized and renamed as the State Bank of India.[17][18][19]
* 1988: The Securities and Exchange Board of India (SEBI) is established to regulate the securities markets and protect the interests of investors.[20][21][22]
* 1991: The Narasimham Committee is set up to examine the state of the financial sector and make recommendations for its reform. Based on the recommendations of the committee, several measures are taken to liberalize the financial sector and promote competition. The Securities and Exchange Board of India (SEBI) Act is also passed.[11][23]
* 1992: The Securities and Exchange Board of India (SEBI) is given statutory powers under the SEBI Act.[12]
* 1993: The Securities and Exchange Board of India Act is passed, which gives SEBI statutory powers to regulate the securities markets.[24]
* 1997: The Insurance Regulatory and Development Authority (IRDA) is established to regulate the insurance sector.[13]
* 1999: The National Stock Exchange (NSE) introduces electronic trading, which revolutionizes the Indian stock market.[25][26]
* 2000: The Securities and Exchange Board of India (SEBI) introduces regulations for internet trading and dematerialization of securities.[27]
* 2003: The Pension Fund Regulatory and Development Authority (PFRDA) is established to regulate the pension sector.[28][29]
* 2005: The Forward Contracts Regulation Act (FCRA) is passed to regulate the commodity futures market.[30][31]
* 2012: The Securities and Exchange Board of India (SEBI) introduces the concept of Real Estate Investment Trusts (REITs) to enable investors to invest in the real estate sector through a regulated mechanism.[32]
* 2015: The Reserve Bank of India announces the introduction of the Unified Payments Interface (UPI) to facilitate digital payments in the country.[33]
* 2015: The International Financial Services Centre (IFSC) is set up at the Gujarat International Finance Tec-City (GIFT City) to promote offshore financial services in India.[34][35][36]
* 2019: The International Financial Services Centres Authority (IFSCA) is established to regulate financial services in the IFSCs in India.[37][38]
* 2020: The Reserve Bank of India announces a moratorium on loan repayments and a restructuring scheme for borrowers impacted by the COVID-19 pandemic. SEBI introduces new norms for investment advisers and portfolio managers to enhance investor protection.[39][40]
* 2021: The Securities and Exchange Board of India (SEBI) introduces a new framework for investment advisors to strengthen their role as fiduciaries to their clients. The Reserve Bank of India (RBI) sets up a committee to review the functioning of asset reconstruction companies (ARCs) and recommend measures to improve their effectiveness.[41]

## Acts and rules

[edit]

India has a comprehensive system of financial regulations that includes a range of acts and rules to govern various aspects of the financial sector. Some of the key acts and rules that regulate the financial sector in India include:[42][43]

* Reserve Bank of India Act, 1934: This act provides the legal framework for the functioning of the Reserve Bank of India (RBI), which is the central bank of India. The RBI is responsible for regulating the monetary policy of the country, managing the foreign exchange reserves, and supervising the banking sector.[44][45][46][47]
* Banking Regulation Act, 1949: This act regulates the functioning of banks in India and empowers the RBI to supervise and regulate the banking sector.[8][48][49][9]
* Securities and Exchange Board of India Act, 1992: This act established the Securities and Exchange Board of India (SEBI), which is responsible for regulating the securities market in India.[50][51][52]
* Insurance Regulatory and Development Authority Act, 1999: This act established the Insurance Regulatory and Development Authority (IRDA), which is responsible for regulating the insurance sector in India.[53][54]
* Companies Act, 2013: This act governs the formation, management, and operation of companies in India, including those in the financial sector.[55][56][57]
* Foreign Exchange Management Act, 1999: This act regulates foreign exchange transactions in India and aims to facilitate external trade and payments.
* Prevention of Money Laundering Act, 2002: This act aims to prevent money laundering and the financing of terrorist activities in India.
* Securities Contracts (Regulation) Rules, 1957: These rules regulate the trading of securities in India and provide guidelines for the functioning of stock exchanges.
* Insider Trading Regulations, 2015: These regulations aim to prevent insider trading in securities and promote fair trading practices.
* Credit Information Companies (Regulation) Act, 2005: This act regulates the functioning of credit information companies in India and aims to promote responsible lending practices.
* Payment and Settlement Systems Act, 2007: This act provides the legal framework for payment and settlement systems in India, including electronic funds transfer, mobile payments, and card payments.
* Consumer Protection Act, 2019: This act aims to protect the rights of consumers in India and includes provisions related to financial services, such as banking, insurance, and investment products.
* National Pension System Trust Regulations, 2015: These regulations govern the functioning of the National Pension System (NPS) in India, which is a voluntary retirement savings scheme for individuals.
* Depositories Act, 1996: This act regulates the functioning of depositories in India, which hold securities in electronic form and facilitate their transfer.
* Public Financial Management System, 2016: This system is an online platform for the management of government finances in India, including budget preparation, expenditure management, and reporting.
* Foreign Contribution (Regulation) Act, 2010: This act regulates the receipt of foreign contributions by non-profit organizations in India and aims to prevent money laundering and financing of terrorism.
* Prudential Norms for Classification, Valuation and Operation of Investment Portfolio by Banks, 2021: These norms provide guidelines for the management of investment portfolios by banks in India, including the classification and valuation of assets.
* Reserve Bank of India (Digital Payment Security Controls) Directions, 2021: These directions provide security controls for digital payments in India, aimed at protecting users from fraud and other risks.
* Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: This act provides a framework for the securitisation and reconstruction of financial assets, and enforcement of security interest in such assets, by banks and financial institutions.
* Indian Stamp Act, 1899: This act regulates the payment of stamp duty on various financial instruments, such as promissory notes, bills of exchange, and share certificates.
* Negotiable Instruments Act, 1881: This act governs the use of negotiable instruments, such as cheques, bills of exchange, and promissory notes, in financial transactions.
* Prevention of Atrocities Act, 1989: This act provides for the prevention of offences against members of Scheduled Castes and Scheduled Tribes, and includes provisions related to financial fraud and exploitation of these communities.
* Real Estate (Regulation and Development) Act, 2016: This act regulates the real estate sector in India, including the registration of real estate projects and agents, and the protection of homebuyers.
* Micro, Small and Medium Enterprises Development Act, 2006: This act provides for the promotion and development of micro, small, and medium enterprises in India, including access to credit and other financial services.
* Foreign Trade Policy, 2015-2020: This policy provides a framework for promoting exports and imports in India, including incentives for exporters and regulations for importers.
* Prevention of Insolvency and Bankruptcy Act, 2016: This act provides for the resolution of insolvency and bankruptcy proceedings in India, including the restructuring of debts and liquidation of assets.
* International Financial Services Centres Authority Act, 2019: It is an Indian legislation that provides for the establishment of an independent regulatory authority for the development and regulation of financial services in International Financial Services Centres (IFSCs) in India.The IFSCA Act was enacted to promote the development of financial services in IFSCs in India, with the objective of making India a hub for international finance and business. The Act establishes the International Financial Services Centres Authority (IFSCA) as a statutory body to oversee the development and regulation of financial services in IFSCs.The IFSCA Act provides for a wide range of functions for the IFSCA, including the regulation and supervision of financial institutions and financial services in IFSCs, the promotion of development of financial services in IFSCs, and the protection of the interests of investors and consumers in IFSCs.The IFSCA Act also provides for the establishment of a unified regulatory framework for financial services in IFSCs, including banking, insurance, securities, and other financial services. The Act empowers the IFSCA to make regulations for the conduct of financial services in IFSCs, and also provides for the resolution of disputes related to financial services in IFSCs.

## Regulatory bodies

[edit]

See also: List of regulators in India

India has several financial regulatory bodies that oversee and regulate different sectors of the financial system. Here are the major regulatory bodies and the sectors they oversee:[58]

1. Reserve Bank of India (RBI): RBI is the central bank of India and regulates the overall banking sector in the country, including commercial banks, cooperative banks, and development banks.[59]
2. Securities and Exchange Board of India (SEBI): SEBI is responsible for regulating the securities market in India, including stock exchanges, brokers, and other market intermediaries.
3. International Financial Services Centres Authority (IFSCA): It is a regulatory body that was established in April 2020 under the International Financial Services Centres Authority Act, 2019.The IFSCA is responsible for regulating all financial services that are provided within the International Financial Services Centre (IFSC) located in GIFT City, Gujarat, India. The IFSC is a special economic zone that was set up to promote international financial services in India.
4. Insurance Regulatory and Development Authority (IRDA): IRDA regulates the insurance sector in India, including life insurance, general insurance, and reinsurance.
5. Pension Fund Regulatory and Development Authority (PFRDA): PFRDA regulates the pension sector in India, including pension funds and the National Pension System.
6. Forward Markets Commission (FMC): FMC regulates the commodity futures market in India.
7. Ministry of Corporate Affairs (MCA): MCA regulates corporate governance, corporate social responsibility, and the formation and management of companies in India.
8. National Housing Bank (NHB): NHB regulates housing finance companies and the housing sector in India.
9. Department of Economic Affairs (DEA): DEA is responsible for the overall economic policies of India, including fiscal and monetary policies.
10. Financial Stability and Development Council (FSDC): The FSDC is a high-level coordinating body that oversees and coordinates the functioning of various financial regulatory bodies in India. It aims to ensure financial stability and promote financial sector development in the country.
11. Deposit Insurance and Credit Guarantee Corporation (DICGC): The DICGC provides insurance to depositors in case a bank fails or becomes insolvent. It insures bank deposits up to a certain amount, which is currently set at Rs. 5 lakhs per depositor per bank.
12. National Bank for Agriculture and Rural Development (NABARD): NABARD regulates and supervises the rural banking sector in India. It provides credit and other support to farmers, rural development organizations, and other rural institutions.
13. Small Industries Development Bank of India (SIDBI): SIDBI provides financial assistance to small and medium-sized enterprises (SMEs) in India. It also promotes the development of the SME sector in the country.
14. Insurance Ombudsman: The Insurance Ombudsman is an independent grievance redressal mechanism for insurance policyholders. It investigates and resolves complaints against insurance companies and other intermediaries.
15. Pension Fund Ombudsman: The Pension Fund Ombudsman is an independent grievance redressal mechanism for NPS and APY subscribers. It investigates and resolves complaints against pension fund managers and other intermediaries.
16. Foreign Exchange Dealers' Association of India (FEDAI): FEDAI sets rules and guidelines for foreign exchange transactions in India. It also acts as a self-regulatory organization for banks dealing in foreign exchange transactions.
17. Clearing Corporation of India Limited (CCIL): It is responsible for providing clearing and settlement services for foreign exchange and money market transactions.
18. Securities Appellate Tribunal (SAT): It is a quasi-judicial body that hears appeals against SEBI's decisions.

## Foreign investment

[edit]

Foreign investment in India is regulated by the Foreign Exchange Management Act (FEMA)[60] and the regulations issued thereunder by the Reserve Bank of India (RBI). The Indian government has liberalized its foreign investment policies over the years, making it easier for foreign investors to invest in India.[61][62]

Foreign Direct Investment (FDI) is allowed in most sectors under the automatic route, which means that foreign investors do not require prior approval from the government or the RBI for their investment. However, certain sectors such as defense, telecom, and media require prior approval from the government.[63][64][65][66]

Foreign Portfolio Investment (FPI) is another avenue for foreign investors to invest in India. FPI refers to investments by non-resident Indians (NRIs), foreign institutional investors (FIIs), and qualified foreign investors (QFIs) in securities listed on Indian stock exchanges. FPI is subject to certain limits and conditions prescribed by the Securities and Exchange Board of India (SEBI).[67]

> Foreign investment in certain sectors is subject to sector-specific caps on foreign ownership, which vary depending on the sector. For example, in the insurance sector, foreign ownership is capped at 49%, while in the defense sector, it is capped at 74%.[68]

The Indian government has also established the Foreign Investment Promotion Board (FIPB), which is responsible for reviewing and approving foreign investment proposals that do not fall under the automatic route. However, the FIPB has been abolished and the government has streamlined the approval process for foreign investment proposals.[69]

## Anti-money laundering

[edit]

India has implemented several measures to prevent money laundering and terrorist financing, including the Prevention of Money Laundering Act (PMLA) of 2002. The PMLA is the primary legislation for combating money laundering in India and is administered by the Financial Intelligence Unit (FIU) of the Ministry of Finance.[70]

Under the PMLA, financial institutions, including banks, insurance companies, and securities firms, are required to conduct due diligence on their customers, monitor their transactions, and report any suspicious transactions to the FIU. The Act also provides for the freezing and seizure of assets suspected to be the proceeds of crime.The act also sets up a specialized agency, the Enforcement Directorate (ED), to investigate and prosecute money laundering cases.[71]

In addition to the PMLA, India has also implemented other measures to combat money laundering, including the Foreign Exchange Management Act (FEMA) and the Income Tax Act. The Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) have also issued guidelines to their regulated entities for compliance with anti-money laundering regulations.

India is also a member of the Financial Action Task Force (FATF), an intergovernmental organization that sets standards and promotes effective implementation of legal, regulatory, and operational measures for combating money laundering, terrorist financing, and other related threats to the integrity of the international financial system. India is subject to regular reviews by the FATF to ensure compliance with its standards.

In addition to the PMLA, India has implemented several other financial regulations to combat money laundering. These regulations include:

1. Know Your Customer (KYC) norms: KYC norms require banks and financial institutions to verify the identity of their customers before providing any financial services. KYC norms involve obtaining and verifying personal information and documents, such as Aadhaar card, PAN card, passport, and driver's license. KYC norms help to prevent the use of fake or forged documents in financial transactions.
2. Suspicious Transaction Reporting (STR): STR requires banks and financial institutions to report any suspicious transactions to the Financial Intelligence Unit (FIU) of India. Such transactions could include those that are unusual or inconsistent with the customer's known sources of income. Banks and financial institutions are also required to maintain records of these transactions.
3. Foreign Account Tax Compliance Act (FATCA): FATCA is a US law that requires foreign financial institutions to report information about US taxpayers to the US Internal Revenue Service (IRS).India has signed an agreement with the United States to implement FATCA. Under this agreement, Indian financial institutions are required to report information about their American clients to the Indian government, which will then be shared with the US government.
4. Common Reporting Standard (CRS): India has also signed the CRS agreement with other countries to exchange information on financial accounts held by foreign residents.
5. Anti-Money Laundering (AML) guidelines: The Reserve Bank of India (RBI) has issued AML guidelines for banks and financial institutions to follow while conducting financial transactions. These guidelines include measures such as customer due diligence, record keeping, and risk management.
6. Prevention of Money Laundering Act, 2002 (PMLA): The PMLA defines money laundering as an act of disguising the proceeds of a crime as legitimate funds. It also sets out the penalties for those found guilty of money laundering, which can include imprisonment and fines. The act applies to all individuals and entities, including banks, financial institutions, and money changers.

## Banking regulation

[edit]

Banking regulation in India is overseen by the Reserve Bank of India (RBI), which is the central bank of the country. The RBI was established in 1935 and is responsible for regulating and supervising banks and other financial institutions in India.[72][73]

The RBI's primary objective is to maintain the stability of the Indian financial system, which it achieves through various regulatory measures. Some of the key regulations enforced by the RBI include:[74][75][76][77][78][79]

* Capital Adequacy Ratio (CAR): The Reserve Bank of India (RBI) has prescribed a minimum CAR that banks in India must maintain to ensure that they have sufficient capital to absorb unexpected losses.
* Asset Quality Review (AQR): The RBI conducts regular AQRs of banks to ensure that they are accurately reflecting the quality of their assets and that they are adequately provisioned for any losses.
* Prudential Norms: The RBI has prescribed various prudential norms for banks, including limits on exposure to individual borrowers, classification of assets, and provisioning requirements.
* Liquidity Requirements: Banks in India are required to maintain a certain level of liquidity to ensure that they can meet their obligations as they fall due. The RBI has prescribed the minimum liquidity ratio (SLR) and the minimum net stable funding ratio (NSFR) for banks in India.
* Prudential Norms: The RBI has prescribed various prudential norms for banks, including limits on exposure to individual borrowers, classification of assets, and provisioning requirements. These norms are designed to ensure that banks are operating prudently and managing risks effectively.
* Corporate Governance: The RBI has issued guidelines on corporate governance for banks in India, which require banks to have a strong board of directors, robust risk management processes, and effective internal controls.
* Anti-Money Laundering (AML) and Know Your Customer (KYC) norms: The RBI has put in place strict guidelines on AML and KYC to prevent money laundering and the financing of terrorism. Banks are required to carry out due diligence on their customers, monitor transactions, and report suspicious transactions to the relevant authorities.
* Know Your Customer (KYC) and Anti-Money Laundering (AML): Banks are required to comply with KYC and AML guidelines to prevent money laundering and the financing of terrorism.

### Banking regulation acts

[edit]

There are several banking regulation acts in India that govern the functioning of banks and other financial institutions in the country. Some of the key acts are:[80]

* Reserve Bank of India Act, 1934: This is the primary legislation governing the functions and powers of the Reserve Bank of India (RBI), which is the central bank of India. The act provides for the regulation of banking and credit in India and gives the RBI the authority to issue licenses to banks and regulate their activities.
* Banking Regulation Act, 1949: This act provides for the regulation and supervision of banking companies in India. It sets out the rules for the establishment and operation of banks, their capital requirements, and the powers of the RBI to inspect and supervise their activities. The act also provides for the appointment of the Banking Ombudsman, who is responsible for resolving complaints against banks.[81]
* Negotiable Instruments Act, 1881: This act governs the use and transfer of negotiable instruments such as cheques, promissory notes, and bills of exchange. It provides for the rights and obligations of parties to these instruments and sets out the rules for their payment and discharge.
* Securities and Exchange Board of India Act, 1992: This act provides for the regulation of securities markets in India and the protection of the interests of investors in these markets. It gives the Securities and Exchange Board of India (SEBI) the power to regulate and supervise the activities of stock exchanges, brokers, and other market intermediaries.
* Prevention of Money Laundering Act, 2002: This act provides for the prevention of money laundering and the financing of terrorism in India. It requires banks and other financial institutions to carry out customer due diligence and maintain records of transactions to prevent the use of the financial system for illegal activities.

## Securities market regulation

[edit]

Securities market regulation in India is primarily overseen by the Securities and Exchange Board of India (SEBI), which is responsible for regulating the securities markets in the country. SEBI has issued various regulations and guidelines to ensure that the securities markets operate in a fair, transparent, and efficient manner. Here are some key aspects of securities market regulation in India:[82][83]

* Investor Protection: SEBI's primary objective is to protect the interests of investors in the securities markets. It has issued various regulations to ensure that investors have access to accurate and timely information about securities, and that they are protected from fraudulent and unfair practices. For example, SEBI has issued regulations on insider trading, market manipulation, and disclosure requirements for listed companies.
* Market Operations: SEBI regulates the operations of the securities markets in India, including stock exchanges, brokers, and other market intermediaries. It has issued regulations on the conduct of brokers and intermediaries, including rules on capital adequacy, registration requirements, and compliance standards.
* Listing Requirements: SEBI has issued regulations on listing requirements for companies that wish to list their securities on Indian stock exchanges. These regulations prescribe disclosure requirements, eligibility criteria, and other conditions that must be met by companies seeking to list their securities.
* Disclosure Requirements: SEBI has issued regulations on disclosure requirements for listed companies, which prescribe the information that must be disclosed by companies to investors and the public. These regulations cover areas such as financial statements, management discussion and analysis, and related party transactions.
* Investor Education: SEBI is also responsible for investor education and awareness programs, aimed at educating investors about the securities markets and the risks and opportunities associated with investing in securities.
* Enforcement: SEBI has the power to investigate and take enforcement action against violations of securities laws and regulations. It can impose fines and other penalties on market participants who violate regulations, and can take legal action against offenders.

### Securities markets regulation acts

[edit]

The securities markets in India are regulated by several acts, rules, and regulations. Here are some of the key securities market acts in India:[84]

* Securities and Exchange Board of India Act, 1992: This is the primary legislation governing the securities markets in India. It established the Securities and Exchange Board of India (SEBI) as the regulator for the securities markets and gave it powers to regulate and develop the securities markets, protect the interests of investors, and promote investor education.
* Securities Contracts (Regulation) Act, 1956: This act regulates the trading of securities in India and governs the functioning of stock exchanges, brokers, and other intermediaries in the securities markets. It defines the types of securities that can be traded in India, sets out the rules for the conduct of trading, and provides for the regulation and registration of stock exchanges and other market intermediaries.
* Depositories Act, 1996: This act provides for the establishment of depositories in India and governs the transfer and registration of securities in electronic form. It enables investors to hold securities in dematerialized form and facilitates faster and more efficient settlement of trades.
* Securities Contracts (Regulation) Rules, 1957: These are the rules made under the Securities Contracts (Regulation) Act, 1956, and provide for the regulation of stock exchanges, brokers, and other intermediaries in the securities markets. The rules cover areas such as eligibility criteria for listing on stock exchanges, margin requirements, and the conduct of brokers and intermediaries.
* SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: These regulations prescribe the listing requirements for companies that wish to list their securities on Indian stock exchanges. They set out the eligibility criteria, disclosure requirements, and other conditions that must be met by companies seeking to list their securities.
* SEBI (Prohibition of Insider Trading) Regulations, 2015: These regulations prohibit insider trading in securities and prescribe the rules for the prevention of insider trading. They require companies to maintain a list of insiders and to disclose certain information to the stock exchanges and the public.
* SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011: These regulations govern the acquisition of shares and takeovers of listed companies in India. They require acquirers to make certain disclosures and offer an open offer to minority shareholders in case of a change in control of a listed company.

## Bullion regulation

[edit]

Bullion regulation in India is overseen by the government and various regulatory bodies. Bullion refers to precious metals such as gold and silver, which are often used as a store of value and a hedge against inflation.[85][86][87]

Here are some key aspects of bullion regulation in India:

* Import and Export: The import and export of bullion in India is regulated by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry. Importers and exporters of bullion must obtain relevant licenses and comply with various regulations and guidelines issued by the government.
* Taxation: Bullion is subject to various taxes in India, including customs duty, excise duty, and value-added tax (VAT). The government may also impose a tax on the sale or transfer of bullion, depending on the transaction size and other factors.
* Hallmarking: The Bureau of Indian Standards (BIS) is responsible for hallmarking of gold and silver in India. Hallmarking is a process by which the purity and quality of bullion are verified and certified by an independent agency. Hallmarked bullion carries a BIS mark, which indicates the purity and quality of the metal.
* Trading: Bullion trading in India is primarily conducted through spot and futures markets.The India International Bullion Exchange (IIBX), National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange (MCX) are the three major exchanges for trading in bullion futures contracts in India. These exchanges are regulated by the Securities and Exchange Board of India (SEBI) and International Financial Services Centres Authority(IFSCA).
* Investment: Bullion is a popular investment option in India, and investors can purchase physical bullion or invest in bullion-based financial products such as exchange-traded funds (ETFs) or mutual funds. The regulation of bullion-based financial products falls under the purview of the Securities and Exchange Board of India (SEBI).

### Bullion regulation acts

[edit]

Bullion regulation in India is governed by various Acts and regulations. Here are some of the key Acts and regulations that are relevant to bullion regulation in India:

* IFSC Authority (Bullion Exchange) Regulations, 2020: The act governs India International Bullion Exchange(IIBX) in International Financial Services Centre(IFSC).
* Foreign Trade (Development and Regulation) Act, 1992: This Act regulates the import and export of goods in India, including bullion. The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry is responsible for issuing licenses for the import and export of bullion.
* Bureau of Indian Standards Act, 2016: This Act empowers the Bureau of Indian Standards (BIS) to regulate the quality and standard of goods in India, including bullion. The BIS is responsible for hallmarking of gold and silver in India.
* Central Excise Act, 1944: This Act levies excise duty on the manufacture and production of goods in India, including bullion. Excise duty is currently not applicable on gold and silver bullion in India.
* Customs Act, 1962: This Act regulates the import and export of goods in India, including bullion. The Act specifies the procedures for clearance of imported and exported goods, including bullion.
* Securities Contracts (Regulation) Act, 1956: This Act regulates the securities market in India, including the trading of bullion futures contracts on commodity exchanges.
* Prevention of Money Laundering Act, 2002: This Act aims to prevent money laundering and terrorism financing in India, including in the bullion industry. Bullion dealers and traders are required to comply with various anti-money laundering (AML) and know-your-customer (KYC) regulations.

## Financial services licenses

[edit]

In India, financial services licenses are issued by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) depending on the type of financial activity being conducted.Here are some financial services licenses in India:

1. Banking License: Banks in India are regulated by the Reserve Bank of India (RBI) under the Banking Regulation Act, 1949. The RBI is responsible for issuing banking licenses in India, and banks are classified into different categories based on their ownership, size, and type of operations. Scheduled banks are those that are included in the Second Schedule of the RBI Act and are eligible for certain privileges such as borrowing from the RBI. Non-scheduled banks are those that are not included in the Second Schedule of the RBI Act. Public sector banks are those that are owned by the government of India, while private sector banks are those that are owned by private individuals or entities. Foreign banks are those that have a presence in India but are headquartered outside the country. Cooperative banks are those that are owned and operated by cooperatives.
2. Non-Banking Financial Company (NBFC) License: NBFCs are financial institutions that provide various financial services such as lending, investment, and deposit-taking, but are not licensed to accept demand deposits. The RBI is responsible for issuing NBFC licenses in India, and NBFCs are classified into different categories based on their activities. Systemically Important NBFCs (SI-NBFCs) are those that have a balance sheet size of over Rs. 500 crore or accept public funds, while Non-Systemically Important NBFCs (NSI-NBFCs) are those that do not meet these criteria.
3. Insurance License: The Insurance Regulatory and Development Authority of India (IRDAI) is responsible for issuing licenses for insurance companies in India. Insurance companies can operate in different categories such as life insurance, general insurance, and health insurance. Life insurance companies offer various types of life insurance policies such as term insurance, endowment policies, and unit-linked insurance plans (ULIPs). General insurance companies offer various types of non-life insurance policies such as motor insurance, home insurance, and travel insurance. Health insurance companies offer various types of health insurance policies such as individual health insurance, family floater health insurance, and critical illness insurance.
4. Mutual Fund License: SEBI is responsible for regulating mutual funds in India and issuing licenses to mutual fund companies. Mutual fund companies are allowed to operate different types of funds such as equity funds, debt funds, and hybrid funds. Equity funds invest primarily in stocks, debt funds invest primarily in bonds, while hybrid funds invest in a combination of stocks and bonds.
5. Stock Broker License: SEBI also issues licenses to stock brokers in India. Stock brokers are intermediaries that facilitate buying and selling of securities on behalf of clients on stock exchanges in India. Stock brokers can operate in different categories such as full-service brokers and discount brokers.
6. Depository Participant License: SEBI also issues licenses to depository participants in India. Depository participants are intermediaries that offer services related to holding and trading of securities in electronic form through a depository system. Depository participants can operate in different categories such as NSDL and CDSL.

## See also

[edit]

* Finance in India
* Reserve Bank of India
* Indian company law
* Economy of India
* Ministry of Finance (India)
* Enforcement Directorate
* Financial technology in India
* List of regulators in India
* Indian stock exchange
* Income Tax Department
* Financial Intelligence Unit (India)
* Insolvency and Bankruptcy Board of India

## Sources

[edit]

The information for the above points was gathered from various sources, including:

* Reserve Bank of India: Official website
* Securities and Exchange Board of India: Official website
* Ministry of Finance, Government of India: Official website
* Insurance Regulatory and Development Authority: Official website
* Pension Fund Regulatory and Development Authority: Official website
* National Stock Exchange of India: Official website
* International Financial Services Centre Authority: Official website

## Journals and Further reading

[edit]

* Journal of Banking Regulation: link
* Indian Journal of Finance: link
* Finance India: link
* Economic and Political Weekly: link
* Financial sector regulation in India: Link
* The status of financial inclusion, regulation, and education in India: link
* Financial Regulation in India by Jayant Verma and Sumit Agarwal
* Financial Regulation: Changing Dynamics by Rajesh Chakrabarti and T.T. Ram Mohan
* Financial Markets and Institutions in India by T.R. Bhat
* Banking Regulation in India by M. L. Tannan
* Indian Financial System by Bharati V. Pathak

## Notes

[edit]

1. ^ Joanna Benjamin 'Financial Law' Oxford University Press

## References

[edit]

1. ^ "Regulatory policy in India". Archived (PDF) from the original on 20 July 2023. Retrieved 23 March 2023.
2. ^ Banker's Magazine, Vol. 22, p.565-6.
3. ^ "A walk down history when India banked on Calcutta". The Times of India. 5 January 2020. Archived from the original on 16 October 2022. Retrieved 26 May 2020.
4. ^ "200 years and going strong". The Tribune. Archived from the original on 3 March 2016. Retrieved 8 September 2006.
5. ^ a b Banerji, Arun Kumar (1988). Bagchi, Amiya Kumar (ed.). "The Presidency Banks: The Transition". Economic and Political Weekly. 23 (24): 1215–1222\. ISSN 0012-9976. JSTOR 4378608. Archived from the original on 27 February 2023. Retrieved 31 March 2023.1215-1222&rft.date=1988&rft_id=https://www.jstor.org/stable/4378608#id-name=JSTOR&rft.issn=0012-9976&rft.aulast=Banerji&rft.aufirst=Arun+Kumar&rft_id=https://www.jstor.org/stable/4378608&rfr_id=info:sid/en.wikipedia.org:Financial+regulation+in+India" class="Z3988">
6. ^ a b Howard, H. F. (1921). "The Imperial Bank of India". The Economic Journal. 31 (122): 147–171\. doi:10.2307/2222811. ISSN 0013-0133. JSTOR 2222811. Archived from the original on 31 March 2023. Retrieved 31 March 2023.147-171&rft.date=1921&rft.issn=0013-0133&rft_id=https://www.jstor.org/stable/2222811#id-name=JSTOR&rft_id=info:doi/10.2307/2222811&rft.aulast=Howard&rft.aufirst=H.+F.&rft_id=https://www.jstor.org/stable/2222811&rfr_id=info:sid/en.wikipedia.org:Financial+regulation+in+India" class="Z3988">
7. ^ a b "Reserve Bank of India history". rbi.org.in. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
8. ^ a b Ray, Anulekha (17 September 2020). "Banking Regulation Amendment Bill passed. What it means for banks, customers". mint. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
9. ^ a b c "Act No. 10 of 1949 - Banking Regulation Act, 1949" (PDF). Archived (PDF) from the original on 27 November 2020. Retrieved 31 March 2023.
10. ^ "Securities and Exchange Board of India". www.sebi.gov.in. Archived from the original on 20 March 2023. Retrieved 23 March 2023.
11. ^ a b Standard, Business. "What is a Narsimham Committee?". www.business-standard.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023. `{{cite web}}`: `|first=` has generic name (help)
12. ^ a b "SEBI Act 1992". www.sebi.gov.in. Archived from the original on 6 March 2023. Retrieved 31 March 2023.
13. ^ a b Mathur, Somesh K. (2001). "Insurance Regulation: Some Issues". The Geneva Papers on Risk and Insurance. Issues and Practice. 26 (1): 54–70\. doi:10.1111/1468-0440.00094. ISSN 1018-5895. JSTOR 41954375. S2CID 154307718. Archived from the original on 31 March 2023. Retrieved 31 March 2023.54-70&rft.date=2001&rft.issn=1018-5895&rft_id=https://api.semanticscholar.org/CorpusID:154307718#id-name=S2CID&rft_id=https://www.jstor.org/stable/41954375#id-name=JSTOR&rft_id=info:doi/10.1111/1468-0440.00094&rft.aulast=Mathur&rft.aufirst=Somesh+K.&rft_id=https://www.jstor.org/stable/41954375&rfr_id=info:sid/en.wikipedia.org:Financial+regulation+in+India" class="Z3988">
14. ^ "Insurance Regulatory and Development Authority". Insurance Regulatory and Development Authority. Archived from the original on 23 March 2023. Retrieved 23 March 2023.
15. ^ "Pension Fund Regulatory and Development Authority". Archived from the original on 23 March 2023. Retrieved 23 March 2023.
16. ^ "Reserve Bank of India (RBI) | Functions & Organization | Britannica". www.britannica.com. Archived from the original on 27 February 2023. Retrieved 31 March 2023.
17. ^ Standard, Business. "Company News: Company Business News, Indian Companies News, Company Analysis, Corporate Industry News". www.business-standard.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023. `{{cite web}}`: `|first=` has generic name (help)
18. ^ "State Bank of India (SBI) | Britannica". www.britannica.com. Archived from the original on 20 February 2023. Retrieved 31 March 2023.
19. ^ "History Of Banking In India". The Civil India. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
20. ^ "SEBI | About SEBI". www.sebi.gov.in. Archived from the original on 16 March 2023. Retrieved 31 March 2023.
21. ^ Standard, Business. "Securities and Exchange Board of India (SEBI) - Working, History, Functions and Powers". www.business-standard.com. Retrieved 31 March 2023. `{{cite web}}`: `|first=` has generic name (help)
22. ^ "Securities Exchange Board of India (SEBI) | Encyclopedia.com". www.encyclopedia.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
23. ^ "Banking Sector Reforms in India: Narasimhan Committee 1&2, Nachiket Mor Committee, P J Nayak Committee - Civilsdaily". 21 September 2017. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
24. ^ Mohan, Anirudh Laskar, Vyas (21 May 2013). "Sebi's 25-year journey". www.livemint.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023.`{{cite web}}`: CS1 maint: multiple names: authors list (link)
25. ^ "NSE Milestones". Archived from the original on 31 March 2023. Retrieved 31 March 2023.
26. ^ "What is Electronic Stock Exchange? Definition of Electronic Stock Exchange, Electronic Stock Exchange Meaning - The Economic Times". m.economictimes.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
27. ^ "Dematerialized Securities". www.legalserviceindia.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
28. ^ "PFRDA | NPS Trust". npstrust.org.in. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
29. ^ "PFRDA". www.licpensionfund.in. Archived from the original on 20 July 2023. Retrieved 31 March 2023.
30. ^ "The Forward Contracts (Regulation) Act, 1952". Archived from the original on 31 March 2023. Retrieved 31 March 2023.
31. ^ "The Forward Contracts (Regulation) Amendment, 2006 - Legislative Brief". www.commonlii.org. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
32. ^ "sebi real estate investment trusts regulations: Latest News & Videos, Photos about sebi real estate investment trusts regulations". The Economic Times. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
33. ^ "UPI: Unified Payments Interface - Instant Mobile Payments | NPCI". www.npci.org.in. Archived from the original on 29 March 2023. Retrieved 31 March 2023.
34. ^ Vasal, Vikas (6 December 2021). "IFSC GIFT City: unlocking potential for financial services". www.livemint.com. Archived from the original on 2 December 2022. Retrieved 31 March 2023.
35. ^ Sharma, Ravi Teja (27 October 2015). "First International Financial Services Centre banking unit starts operations at GIFT City". The Economic Times. ISSN 0013-0389. Archived from the original on 22 March 2023. Retrieved 31 March 2023.
36. ^ "Gujarat International Finance Tec (GIFT) City". Grant Thornton Bharat. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
37. ^ "International Financial Services Centre Authority". IFSCA. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
38. ^ "International Financial Services Centres Authority: All About The Gift City Regulator (Part II) - Financial Services - India". www.mondaq.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
39. ^ "FREQUENTLY ASKED QUESTIONS : RBI Allowed Banks to Declare Moratorium on Term Loans". pib.gov.in. Archived from the original on 20 July 2023. Retrieved 31 March 2023.
40. ^ "rbi loan moratorium: How borrowers can use second loan moratorium offered due to coronavirus: Should you opt for it?". The Economic Times. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
41. ^ "rbi: RBI amends regulatory framework for ARCs to strengthen their functioning". The Economic Times. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
42. ^ "Fintech Laws and Regulations Report 2022-2023 India". International Comparative Legal Guides International Business Reports. Archived from the original on 15 April 2023. Retrieved 23 March 2023.
43. ^ "Acts and rules". dea.gov.in. Archived from the original on 15 April 2023. Retrieved 23 March 2023.
44. ^ "Reserve Bank of India Act, 1934" (PDF). Archived (PDF) from the original on 18 February 2021. Retrieved 31 March 2023.
45. ^ Pathak (1 May 2007). Legal Aspects Of Business. McGraw-Hill Education (India) Pvt Limited. ISBN 978-0-07-065613-0. Archived from the original on 20 July 2023. Retrieved 31 March 2023.
46. ^ Iyengar, Vijayaragavan (2009). Introduction to Banking. Excel Books India. ISBN 978-81-7446-569-6. Archived from the original on 20 July 2023. Retrieved 31 March 2023.
47. ^ "Central Government invokes Section 7 Act 1934: History and amendment". India Today. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
48. ^ Patel, Bimal N. (2008). India and International Law: Introduction. Martinus Nijhoff Publishers. ISBN 978-90-04-16152-8.
49. ^ "The Companies Act 1956 Indian Bare Acts - India Bare Act - Law Firm Lawyers India". 25 June 2016. Archived from the original on 25 June 2016. Retrieved 31 March 2023.
50. ^ ""The Security and Exchange Board of India Act 1992"" (PDF). Securities and Exchange Board of India. Archived (PDF) from the original on 25 July 2022. Retrieved 31 March 2023.
51. ^ "THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 – Lawyers Law". 3 October 2013. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
52. ^ "Act No. 15 of 1992 - Securities and Exchange Board of India Act, 1992". Archived from the original on 25 November 2020. Retrieved 31 March 2023.
53. ^ "Insurance Regulatory and Development Authority Act, 1999". 29 December 1999. Archived from the original on 20 July 2023. Retrieved 20 July 2023. `{{cite journal}}`: Cite journal requires `|journal=` (help)
54. ^ "Insurance Regulatory & Development Authority | Department of Financial Services | Ministry of Finance | Government of India". financialservices.gov.in. Archived from the original on 23 May 2023. Retrieved 11 April 2023.
55. ^ Editor, IBC Laws (19 February 2015). "Section 2 of the Companies Act, 2013: Definitions of the Companies Act, 2013". IBC Laws. Archived from the original on 17 June 2023. Retrieved 11 April 2023. `{{cite web}}`: `|last=` has generic name (help)
56. ^ "Companies Act, 2013". 29 August 2013. Archived from the original on 29 June 2023. Retrieved 20 July 2023. `{{cite journal}}`: Cite journal requires `|journal=` (help)
57. ^ "Companies Act, 2013" (PDF). www.mca.gov.in. Archived (PDF) from the original on 19 April 2023. Retrieved 20 July 2023.
58. ^ "The Financial Technology Law Review - The Law Reviews". thelawreviews.co.uk. Archived from the original on 15 April 2023. Retrieved 23 March 2023.
59. ^ "The Reserve Bank Of India And The Regulation Of Fintech - Fin Tech - India". www.mondaq.com. Archived from the original on 2 April 2023. Retrieved 23 March 2023.
60. ^ ""THE FOREIGN EXCHANGE MANAGEMENT ACT, 1999"" (PDF). Archived from the original (PDF) on 10 February 2016.
61. ^ "FDI Statistics | Department for Promotion of Industry and Internal Trade | MoCI | GoI". dpiit.gov.in. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
62. ^ "India: Foreign direct investment regulations". globalcompetitionreview.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
63. ^ "Foreign Direct Investment | Make In India". www.makeinindia.com. Archived from the original on 1 February 2023. Retrieved 31 March 2023.
64. ^ "Foreign direct investment in India". Pinsent Masons. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
65. ^ "Recent Changes To India's FDI Laws - Inward/ Foreign Investment - India". www.mondaq.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
66. ^ "FDI Regulation In India". legalserviceindia.com. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
67. ^ "India's FDI Policy". IndBiz | Economic Diplomacy Division. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
68. ^ "India - India liberalized FDI rules in various sectors | Investment Policy Monitor | UNCTAD Investment Policy Hub". investmentpolicy.unctad.org. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
69. ^ "About Us". fifp.gov.in. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
70. ^ "Anti-Money Laundering Laws in India". iPleaders. 17 October 2017. Archived from the original on 31 March 2023. Retrieved 31 March 2023.
71. ^ "Prevention of Money Laundering". dor.gov.in. Archived from the original on 10 February 2023. Retrieved 31 March 2023.
72. ^ "The Regulations That Govern Banking in India". Investopedia. Archived from the original on 24 March 2023. Retrieved 24 March 2023.
73. ^ Nataraj, Geethanjali; Ashwani (September 2018). "Banking Sector Regulation in India: Overview, Challenges and Way Forward". Indian Journal of Public Administration. 64 (3): 473–486\. doi:10.1177/0019556118783065. ISSN 0019-5561. S2CID 189669805. Archived from the original on 31 March 2023. Retrieved 31 March 2023.473-486&rft.date=2018-09&rft_id=https://api.semanticscholar.org/CorpusID:189669805#id-name=S2CID&rft.issn=0019-5561&rft_id=info:doi/10.1177/0019556118783065&rft.aulast=Nataraj&rft.aufirst=Geethanjali&rft.au=Ashwani&rft_id=http://journals.sagepub.com/doi/10.1177/0019556118783065&rfr_id=info:sid/en.wikipedia.org:Financial+regulation+in+India" class="Z3988">
74. ^ Thakore, Talwar; Dubash, Associates-Feroz; Mahapatra, Sonali; Zota, Shruti (4 April 2019). "Banking Regulation in India". Lexology. Archived from the original on 24 March 2023. Retrieved 24 March 2023.
75. ^ Kanoujiya, Jagjeevan; Bhimavarapu, Venkata Mrudula; Rastogi, Shailesh (23 August 2021). "Banks in India: A Balancing Act Between Profitability, Regulation and NPA". Vision: The Journal of Business Perspective. 27 (5): 650–660\. doi:10.1177/09722629211034417. ISSN 0972-2629. S2CID 238739149. Archived from the original on 31 March 2023. Retrieved 31 March 2023.650-660&rft.date=2021-08-23&rft_id=https://api.semanticscholar.org/CorpusID:238739149#id-name=S2CID&rft.issn=0972-2629&rft_id=info:doi/10.1177/09722629211034417&rft.aulast=Kanoujiya&rft.aufirst=Jagjeevan&rft.au=Bhimavarapu,+Venkata+Mrudula&rft.au=Rastogi,+Shailesh&rft_id=http://journals.sagepub.com/doi/10.1177/09722629211034417&rfr_id=info:sid/en.wikipedia.org:Financial+regulation+in+India" class="Z3988">
76. ^ "Rbi regulation" (PDF). rbidocs.rbi.org.in. Archived (PDF) from the original on 24 March 2023. Retrieved 24 March 2023.
77. ^ "Banking Regulation in India". ComplyBook. Archived from the original on 24 March 2023. Retrieved 24 March 2023.
78. ^ "Regulations of Bank and Financial Institutions | RBI Grade-B Main". www.careerlauncher.com. Archived from the original on 24 March 2023. Retrieved 24 March 2023.
79. ^ "Banking regulation in India: overview". azb. Archived from the original on 24 March 2023. Retrieved 24 March 2023.
80. ^ "Banking Acts | Department of Financial Services | Ministry of Finance | Government of India". financialservices.gov.in. Archived from the original on 17 March 2023. Retrieved 24 March 2023.
81. ^ "Banking regulation act, 1949" (PDF). Archived (PDF) from the original on 8 December 2022. Retrieved 24 March 2023.
82. ^ Mathew, Joby (18 February 2023). "Explained | How is the stock market regulated in India?". The Hindu. ISSN 0971-751X. Archived from the original on 24 March 2023. Retrieved 24 March 2023.
83. ^ Sabarinathan, G (October 2010). "SEBI's Regulation of the Indian Securities Market: A Critical Review of the Major Developments". Vikalpa: The Journal for Decision Makers. 35 (4): 13–26\. doi:10.1177/0256090920100402. ISSN 0256-0909. S2CID 55869136.13-26&rft.date=2010-10&rft_id=https://api.semanticscholar.org/CorpusID:55869136#id-name=S2CID&rft.issn=0256-0909&rft_id=info:doi/10.1177/0256090920100402&rft.aulast=Sabarinathan&rft.aufirst=G&rft_id=https://doi.org/10.1177%2F0256090920100402&rfr_id=info:sid/en.wikipedia.org:Financial+regulation+in+India" class="Z3988">
84. ^ "Laws governing the stock market in India". iPleaders. 27 September 2021. Archived from the original on 24 March 2023. Retrieved 24 March 2023.
85. ^ "How does the Commodity Market Work in India | IIFL Knowledge Center". www.indiainfoline.com. Archived from the original on 24 March 2023. Retrieved 24 March 2023.
86. ^ Dash, Shridhar Kumar (September 1999). "Effect of Liberalization on Integration between Indian and World Bullion Market". The Indian Economic Journal. 47 (1): 82–96\. doi:10.1177/0019466219990107. ISSN 0019-4662. S2CID 254294196. Archived from the original on 31 March 2023. Retrieved 31 March 2023.82-96&rft.date=1999-09&rft_id=https://api.semanticscholar.org/CorpusID:254294196#id-name=S2CID&rft.issn=0019-4662&rft_id=info:doi/10.1177/0019466219990107&rft.aulast=Dash&rft.aufirst=Shridhar+Kumar&rft_id=http://journals.sagepub.com/doi/10.1177/0019466219990107&rfr_id=info:sid/en.wikipedia.org:Financial+regulation+in+India" class="Z3988">
87. ^ Kaura, Ruchika; Rajput, Namita (10 June 2021). "Future–Spot Relationship in Commodity Market: A Comparison Across Commodity Segments in India". Global Business Review: 097215092110172. doi:10.1177/09721509211017291. ISSN 0972-1509. S2CID 236314971. Archived from the original on 31 March 2023. Retrieved 31 March 2023.

## External links

[edit]

Media related to Financial regulation in India at Wikimedia Commons

* v
* t
* e

Economy of India

Companies|

* BSE SENSEX
* NIFTY 50

Governance|

* Ministry of Finance
* Finance ministers
* Ministry of Commerce and Industry
* Finance Commission
* Economic Advisory Council
* Central Statistical Office
* Securities and Exchange Board of India
* Enforcement Directorate
* External debt
* Foreign trade
* Foreign direct investment
* Foreign exchange reserves
* Remittances
* Taxation
* Subsidies
* Industrial licensing
* Voluntary guidelines
* NITI Aayog
* Make in India
* Atmanirbhar Bharat

Currency|

* Indian rupee
* Sign
* History
* Historical Forex
* Digital rupee
* Coinage
* Paisa
* Reserve Bank of India
* Governor
* Mint
* Inflation

Financial services|

* Banking
* Insurance
* Multi Commodity Exchange
* Bullion
* Black money
* Bombay
* National

History|

* COVID-19 impact
* Economic development
* Liberalisation
* Licence Raj
* Green revolution
* Government initiatives
* Numbering system

People|

* Billionaires
* Demography
* Income
* Poverty
* Labour law
* Pensions
* EPFO
* NPS
* PPF

By state|

* Andhra Pradesh
* Assam
* Bihar
* Delhi
* Goa
* Gujarat
* Haryana
* Himachal Pradesh
* Jammu and Kashmir
* Jharkhand
* Karnataka
* Kerala
* Ladakh
* Madhya Pradesh
* Maharashtra
* Mizoram
* Odisha
* Punjab
* Rajasthan
* Tamil Nadu
* Telangana
* Uttarakhand
* Uttar Pradesh
* West Bengal

Sectors|

* Agriculture
* Livestock
* Fishing
* Automotive
* Chemical
* Construction
* Defence
* Education
* Energy
* Electricity
* Nuclear
* Oil and gas
* Solar
* Wind
* Electronics and semiconductor
* Entertainment
* Forestry
* Gambling
* Healthcare
* Information technology
* Media
* Cinema
* FM Radio
* Television
* Printing
* Mining
* Coal
* Iron and Steel
* Pharmaceuticals
* Pulp and paper
* Retail
* Science and technology
* Biotechnology
* Space
* Telecommunications
* Textiles
* Tourism
* Transport
* Aviation
* Civil
* Ports
* Rail
* Roads
* Electricity
* Water

Regulator|

* IRDAI
* RBI
* SEBI
* IBBI

Other|

* NCLT
* NCLAT
* BIFR
* IBBI
* IBC
* SARFESI Act
* Income Tax Act
* Companies Act
* Banking Act
* Insurance Act
* FEMA
* Mumbai Consensus

* Category
* Commons
* Wikiquotes

* v
* t
* e

Financial services in India

Banking

| Commercial
banking|

| Scheduled
banks|

| Commercial|

| Private|

* Axis
* Bandhan
* CSB
* City Union
* DCB
* Dhanlaxmi
* Federal
* HDFC
* ICICI
* IDBI
* IDFC First
* IndusInd
* Karnataka
* Karur Vysya
* Kotak Mahindra
* Nainital
* RBL
* South Indian
* Tamilnad Mercantile
* Yes

|

PSBs|

* Bank of Baroda
* Bank of India
* Bank of Maharashtra
* Canara Bank
* Central Bank of India
* Indian Bank
* Indian Overseas Bank
* Jammu & Kashmir Bank
* Punjab & Sind Bank
* Punjab National Bank
* State Bank of India
* UCO Bank
* Union Bank of India

Foreign|

| Branches|

* ABN AMRO
* Abu Dhabi Commercial Bank
* Antwerp Diamond Bank
* ANZ
* Bank Maybank Indonesia
* Bank of America
* Bank of Bahrain and Kuwait
* Bank of Ceylon
* Barclays
* Citibank
* Credit Suisse
* Deutsche Bank
* HSBC
* MUFG Bank
* Rabobank
* Royal Bank of Scotland
* Scotiabank
* Standard Chartered

|

Subsidiaries|

* DBS Bank
* State Bank of Mauritius

RRBs|

* Andhra Pradesh Grameena Vikas Bank
* Andhra Pragathi Grameena Bank
* Assam Gramin Vikash Bank
* Bangiya Gramin Vikash Bank
* Kerala Gramin Bank
* North Malabar Gramin Bank
* Mizoram Rural Bank
* Pallavan Grama Bank
* Pandyan Grama Bank
* Paschim Banga Gramin Bank
* South Malabar Gramin Bank
* Uttar Bihar Gramin Bank
* Uttarakhand Gramin Bank
* Vananchal Gramin Bank

Cooperative|

* District Co-operative Central Bank
* Buldhana Urban
* Cosmos Bank
* Mizoram Co-operative Apex Bank
* Rajkot Nagrik Sahakari Bank
* Repco Bank
* Saraswat Bank
* Shamrao Vithal Co-operative Bank
* TNSC Bank
* Chennai Central Cooperative Bank

| Uttar Pradesh|

* Allahabad UP Gramin Bank
* Gramin Bank of Aryavart
* Sarva UP Gramin Bank

|

Niche
banks|

| SFBs|

* AU
* Capital
* ESAF
* Equitas
* Fincare
* Jana
* North East
* Suryoday
* Ujjivan

|

Payments
banks|

* Airtel
* Fino
* NSDL Payments Bank Limited
* India Post
* Jio
* Paytm

| Surrendered licencees|

* Sun Pharmaceuticals
* Tech Mahindra

|

Wound up|

* Aditya Birla

Defunct
banks|

| Merged|

| PSB|

* New Bank of India
* Dena Bank
* Vijaya Bank
* Allahabad Bank
* Andhra Bank
* Corporation Bank
* Oriental Bank of Commerce
* United Bank of India
* Syndicate Bank

|

SBI|

* Bank of Bombay
* Bank of Calcutta
* Bank of Madras
* Imperial Bank of India
* State Bank of Bikaner & Jaipur
* State Bank of Hyderabad
* State Bank of Indore
* State Bank of Mysore
* State Bank of Patiala
* State Bank of Saurashtra
* State Bank of Travancore
* Bharatiya Mahila Bank

Rescued|

* Global Trust Bank
* Lakshmi Vilas Bank
* Nedungadi Bank
* United Western Bank
* United Industrial Bank

Acquired|

* Bank of Madura
* Bank of Rajasthan
* Bengal Central Bank
* Centurion Bank of Punjab
* Chartered Bank of India, Australia and China
* Grindlays Bank
* National Bank of India
* ING Vysya Bank
* Mercantile Bank of India, London and China
* Lord Krishna Bank

| PSB|

* Bharat Overseas Bank
* Pandyan Bank

|

Wound up|

* Bank of Chettinad
* Dass Bank

Failed|

* Alliance Bank of Simla
* Arbuthnot & Co
* Commercial Bank of India
* Exchange Bank of India & Africa
* (New) Oriental Bank Corporation
* Oudh Commercial Bank
* Madhavpura Mercantile Cooperative Bank

Liquidated|

* Bank of Hindostan
* Nath Bank
* Palai Central Bank

Networks|

| Interbank networks|

* Cirrus
* NFS
* PLUS

|

ATM networks|

* BANCS
* Cashnet
* CashTree
* MITR

Financial
technology|

| Online transfers|

* BBPS
* IMPS
* NEFT
* RTGS
* UPI
* AEPS
* BHIM

|

Cards|

* MasterCard
* Debit MasterCard
* Maestro
* RuPay
* Visa
* Visa Debit
* Visa Electron
* Visa payWave

Payment service|

* Atom
* BHIM
* BillDesk
* CCAvenue
* Google Pay
* Zeta India

Digital wallets|

* Amazon Pay
* Freecharge
* Mobikwik
* Oxigen Services
* Payoneer
* Paytm
* PayU
* Payworld
* PhonePe

Other|

* ATM usage fees
* De-Materialisation (De-Mat)
* Foreign Exchange (ForEx)
* Indian Financial System Code (IFSC)
* List of banks
* National Unified USSD Platform (NUUP)

| Protocol|

* BBPS
* Structured Financial Messaging System (SFMS)

|

Investment
banking|

* A.K. Capital Services Ltd.
* Ambit Corporate Finance Pvt.Ltd.
* Anand Rathi Advisors Ltd.
* Ashika Capital Ltd.
* Avendus Capital Pvt.Ltd.
* Axis Bank Ltd.
* Axis Capital Ltd.
* Barclays Bank Plc
* Bcb Brokerage Pvt.Ltd.
* Birla Capital & Financial Services Ltd.
* BNP Paribas
* Bob Capital Markets Ltd.
* Boi Merchant Bankers Ltd.
* Canara Bank
* Central Bank Of India
* Centrum Capital Ltd.
* Chartered Finance Management Ltd.
* Choice Capital Advisors Pvt.Ltd.
* Citigroup Global Markets India Pvt.Ltd.
* Credit Suisse Securities (India) Pvt.Ltd.
* Deutsche Equities India Pvt.Ltd.
* DSP Merrill Lynch Ltd.
* Edelweiss Financial Services Ltd.
* Ernst & Young Merchant Banking Services Pvt.Ltd.
* HDFC Bank Ltd.
* HSBC Securities & Capital Markets (India) Pvt.Ltd.
* ICICI Securities Ltd.
* IDBI Capital Market Services Ltd.
* IDFC Securities Ltd.
* IIFL Holdings Ltd.
* Il&Fs Capital Advisors Ltd.
* Indian Overseas Bank
* Inga Capital Pvt.Ltd.
* Jefferies India Pvt.Ltd.
* JM Financial Institutional Securities Ltd.
* JP Morgan India Pvt.Ltd.
* Karvy Investor Services Ltd.
* Keynote Corporate Services Ltd.
* KJMC Corporate Advisors (India) Ltd.
* Kotak Mahindra Capital Co.Ltd.
* Lazard India Pvt.Ltd.
* Morgan Stanley India Co.Pvt.Ltd.
* Motilal Oswal Investment Advisors Pvt. Ltd.
* Munoth Financial Services Ltd.
* Pantomath Capital Advisors Pvt.Ltd.
* Religare Capital Markets Ltd.
* Rothschild (India) Pvt.Ltd.
* Saffron Capital Advisors Pvt.Ltd.
* SBI Capital Markets Ltd.
* SMC Capitals Ltd.
* Trust Investment Advisors Pvt.Ltd.
* UBS Securities India Pvt.Ltd.
* Union Bank Of India
* Vivro Financial Services Pvt.Ltd.
* Yes Bank Ltd.

Institutions|

* SIDBI
* NABARD
* EXIM
* IFCI

Asset management

| Hedge funds|

* True Beacon

|

Mutual funds|

* Axis
* Baroda Pioneer
* BNP Paribas
* BOI AXA
* Canara Robeco
* PGIM
* DHFL Pramerica
* DSP
* Edelweiss
* Escorts
* Franklin Templeton Investments
* Goldman Sachs
* HDFC AMC
* HSBC Global
* ICICI Prudential
* IDBI
* IDFC
* IIFCL Asset Management
* IIFL
* IL & FS Infra
* Indiabulls
* JM Financial
* Kotak
* LIC Nomura
* Mirae
* Nippon India
* Motilal Oswal
* Peerless
* PPFAS
* Quantum
* Religare
* Sahara
* SBI
* Shriram
* Sundaram
* Tata
* Taurus
* Union KBC
* Unit Trust of India

InvITs|

| REITs|

* Brookfield Real Estate Trust
* Mindspace Business Parks REIT
* IIFL Real Estate Investment Trust
* Embassy Office Parks REIT

|

Other|

| Telecom|

* Digital Fibre Infrastructure Trust
* Tower Infrastructure Trust

|

Energy|

* India Grid Trust
* India Infrastructure Trust
* POWERGRID Infrastructure Investment Trust

Roads|

* Indian Highway Concessions Trust
* IndInfravit Trust
* IRB Infrastructure
* IRB InvIT Fund
* MEP Infrastructure Investment Trust
* National Highways Infra Trust
* Oriental InfraTrust
* Roadstar Infra Investment Trust
* Shrem Invit

Insurance

| Companies|

| Agriculture|

* Agriculture Insurance Company of India

|

General|

| Private|

* Bajaj Allianz
* Care Health Insurance
* Cholamandalam MS
* Edelweiss Group
* HDFC ERGO
* Future Generali
* ICICI Lombard
* ManipalCigna Health
* Kotak Mahindra
* Reliance
* Royal Sundaram
* TATA AIG
* SBI General
* Shriram General Insurance
* Max Bupa
* Star Health

|

Govt|

* National Insurance
* New India Assurance
* Oriental Insurance
* United India
* Employees State Insurance (ESI)

Life|

* Aegon Life
* Aviva India
* Bajaj Allianz
* Canara HSBC OBC Life
* Edelweiss Group
* Exide Life
* HDFC Life
* ICICI Prudential
* LIC
* Max Life
* Peerless Group
* PNB MetLife
* Reliance
* Kotak
* SBI Life
* Shriram Life Insurance
* Tata AIA

Reinsurance|

* GIC-Re

Repository|

* CDSL
* NSDL

Policy|

* Agricultural insurance in India
* National Health Policy
* Pradhan Mantri Fasal Bima Yojana
* Pradhan Mantri Suraksha Bima Yojana
* Pradhan Mantri Jeevan Jyoti Bima Yojana
* Ayushman Bharat Yojana
* Rashtriya Swasthya Bima Yojana
* Biju Swastya Kalyan Yojana

Other|

* CISR
* Insurance Institute of India

Financial markets

| Stock
exchanges|

| Functional|

| BSE|

* Phiroze Jeejeebhoy Towers

|

NSE|

* NSE IFSC
* NSE EMERGE

Other|

* Calcutta Stock Exchange
* India International Exchange
* United Stock Exchange of India

De-recognized|

* Bangalore
* Cochin
* Coimbatore
* Inter-connected Stock Exchange of India
* Madhya Pradesh
* Madras
* Magadh
* Mangalore
* Saurashtra Kutch
* Ahmedabad Stock
* Bhubaneswar
* Delhi
* Gauhati
* Jaipur
* Ludhiana
* OTC Exchange of India
* Pune
* UP
* Vadodara
* Meerut
* Capital Stock Exchange of Kerala

Commodity
exchanges|

* India International Bullion Exchange
* Bharat Diamond Bourse
* Indian Energy Exchange
* International Pepper Exchange
* Multi Commodity Exchange
* National Commodity and Derivatives Exchange
* National Spot Exchange
* Surat Diamond Bourse
* Universal Commodity Exchange

Brokerages|

| Online|

* Angel
* Axis
* Dhani
* Edelweiss
* FundsIndia
* Geogit
* HDFC
* India Infoline
* Kuvera.in
* Motilal Oswal
* Reliance
* Sharekhan

|

Other|

* Darashaw

Depositories|

* NSDL
* CDSL
* StockHolding Corporation of India
* Karvy Corporate

Rating
agencies|

| For companies|

* Acuite/SMERA
* Brickworks
* CARE Ratings
* CRISIL (S&P)
* Hunter (Experian)
* ICRA (Moody's)
* India Ratings & Research (Fitch)
* Infomerics Valuation
* ONICRA

|

For individuals|

* Equifax
* Experian
* Highmark
* TransUnion CIBIL

Financial
crime|

| Events|

* 1992 Indian stock market scam

|

People|

* Harshad Mehta
* Abdul Karim Telgi
* Ramalinga Raju
* Hasan Ali Khan
* Ketan Parekh

Other|

* CAMS
* CERSAI

Alternative financial services

| Digital lending|

* Fullerton India
* Hero FinCorp

|

Housing finance|

* Aavas Financiers
* DHFL
* Home First Finance
* HUDCO
* HDFC
* LIC Housing Finance
* National Housing Bank
* Odisha Rural Housing & Development Corporation
* PNB Housing Finance

Chit funds|

* Saradha Group financial scandal
* Rose Valley financial scandal

Microfinance|

* Bandhan Bank
* BASIX (India)
* Bharat Financial Inclusion
* ESAF Small Finance Bank
* Grama Vidiyal
* National Bank for Agriculture and Rural Development
* Satin Creditcare Network Limited

Other|

* Peer-to-peer lending
* Kitty party

Angel investment, venture capital & private equity

| Angel investments|

* Indian Angel Network

|

Venture capital|

* Chiratae Ventures
* Embassy Group
* Indian Angel Network
* Unitus Seed Fund

Private equity|

* Kotak Private Equity
* Chrys Capital
* India Value Fund - True North
* Motilal Oswal Private Equity
* IDFC Private Equity Fund
* ICICI Venture Fund
* CX Partners
* Premji Invest
* Kedaara Capital
* JM Financial Private Equity

Legislation & regulation

| Banking|

| Authorities
& boards|

| Central bank|

* Reserve Bank of India

|

Other|

* IFSCA
* BBB
* BCSBI
* NPCI
* IBA
* IDRBT

Legislation|

| In force|

* Reserve Bank of India Act, 1934
* Government Securities Act, 2006
* The State Bank of India Act, 1955
* The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
* Banking Regulation Act, 1949
* International Financial Services Centres Authority Act, 2019

|

Repealed|

* Public Debt Act, 1944

Asset
management|

| Legislation|

* The Unit Trust of India Act, 1963
* Indian Registration Act, 1908

|

Other regulations|

* SEBI (Mutual Funds) Regulations, 1993

Insurance|

| Authorities & boards|

* IRDAI
* Insurance Association of India
* Life Insurance Council
* General Insurance Council

|

Legislation|

| In force|

* Insurance Act, 1938
* Industrial Policy Resolution of 1956
* Life Insurance Corporation Act, 1956
* Insurance Regulatory and Development Authority Act, 1999
* The General Insurance Business (Nationalisation) Act, 1972

|

Repealed|

The British Insurance Act, 1870

Financial
markets|

| Authorities & boards|

* SEBI
* Securities commission
* Forward Markets Commission

|

Legislation|

| In force|

* SEBI, Act 1992
* Forward Contracts (Regulation) Act, 1952
* The Securities Contracts (Regulation) Act, 1956

|

Alternative
financial
services|

| Authorities & boards|

* NHB

|

Legislation|

| Microfinance|

* Tamil Nadu Money-Lenders Act, 1957
* The Bombay Money-Lenders Act, 1946
* The Karnataka Money-Lenders Act, 1961
* The Kerala Money-Lenders Act, 1958
* Bengal Money-Lenders Act, 1940
* The Rajasthan Money-Lenders Act, 1963

|

Other|

* Multi-State Cooperative Legislation Act, 2002
* Mutually Aided Cooperative Acts
* The National Housing Bank Act, 1987
* The Chit Funds Act, 1982

Alternative
investment
funds|

| Authorities & boards|

* Indian Association of Alternative Investment Funds (IAAIF)

|

Legislation|

* Indian Trusts Act, 1882

Regulations|

* SEBI (Venture Capital Funds) Regulations, 1996
* SEBI AIF Regulations, 2012
* SEBI (Investment Advisers) Regulations 2013

Portals:

* India
* Economics
* Business and economics

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template