New Delhi, Feb 9 (KNN) The Federation of Indian Chambers of Commerce and Industry (FICCI) announced on Thursday that it has set up a Task Force on Financial Sector Regulations to provide inputs to the Government and Regulators.

Commenting on the development Subhrakant Panda, President, FICCI said, “The Task Force has been formed to provide inputs to the Government and Financial Sector Regulators in line with Finance Minister Nirmala Sitharaman’s budget announcement about a comprehensive review to be carried out in consultation with stakeholders.”

“In line with the focus on enhancing ease of doing business, there is a need for light touch regulation which does not compromise on transparency or the interests of various stakeholders,” he added.

The Task Force will be chaired by Sidharth Birla, Past President FICCI and comprise of experts from various sectors.

The Union Budget has proposed certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act to improve bank governance and enhance protection of investors.

To build the capacity of functionaries and professionals in the securities market, the Securities and Exchange Board of India will be empowered to develop, regulate, maintain and enforce norms and standards for education in the National Institute of Securities Markets and recognise the award of degrees, diplomas and certificates, the FM said in her Budget speech.  (KNN Bureau)