Regulators including RBI and Sebi discuss ways to implement Budget proposals

NEW DELHI: Financial sector regulators including RBI and Sebi today discussed the road map for the implementation of single demat account, uniform KYC norms and strengthening of markets as announced in the Budget 2014-15.

The sub-committee of the Financial Stability and Development Council (FSDC), headed by RBI Governor Raghuram Rajan, reviewed the major decisions announced in the Budget and discussed ways to implement them.

"The decisions reviewed included one single demat account for all financial assets, introduction of uniform KYC norms and inter-usability of KYC records across the financial sector, strengthening and deepening the markets for corporate bond, currency derivatives and interest rate futures, and participation of DFIs and FIIs in commodity market," the RBI said in a statement.

The regulators also reviewed the domestic macro economy and potential risks facing the financial system.

"A draft roadmap for creating standards and protocol for setting up account aggregation facility for financial assets was deliberated in the meeting," it added.

The sub-Committee also reviewed the functioning of the various Technical Groups which are under its ambit.

The FSDC was set up to strengthen and institutionalise the mechanism of financial stability and development.

The meeting was attended by Finance Secretary Arvind Mayaram, Department of Financial Services Secretary Gurdial Singh Sindhu, Additional Secretary in Ministry of Finance K P Krishnan, Securities and Exchange Board of India Chairman U K Sinha, Pension Fund Regulatory and Development Authority's Officiating Chairman R V Verma, and Deputy governors of Reserve Bank of India Harun R Khan and Urjit Patel among others.