Sub-committee of financial stability reviews major developments on global & domestic fronts

New Delhi, June 15 (KNN) During the meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) held in Mumbai to review the major developments on the global and domestic fronts that impinge on the financial stability of the country.

 Dr. Urjit R. Patel, Governor, Reserve Bank of India, chaired the meeting.

The meeting was attended by Injeti Srinivas, Secretary, Ministry of Corporate Affairs, Ajay Tyagi, Chairman, Securities and Exchange Board of India (SEBI), Dr. S. C. Khuntia, Chairman, Insurance Regulatory and Development Authority of India (IRDAI), Dr. M.S Sahoo, Chairperson, Insolvency and Bankruptcy Board of India (IBBI), Deputy Governors of the Reserve Bank - N.S. Vishwanathan, Dr. Viral V Acharya and B.P Kanungo, Dr. C.S. Mohapatra, Secretary, Financial Stability and Development Council and Dr. Deepak Mohanty, Executive Director of the Reserve Bank.

The Sub-Committee discussed issues related to framework for Systemically Important Financial Institutions (SIFI), Common Stewardship Code for financial sector, single entity undertaking multiple activities and status of Central KYC Registry (CKYCR).

Further, the Sub-Committee reviewed the status of Corporate Insolvency Resolution Process, functioning of State Level Coordination Committee (SLCCs) in various States / Union Territories (UTs) and activities of its various Technical Groups. Investor Education and Protection Fund (IEPF), action taken against Shell companies, legal framework for cross border insolvency and issues regarding acceptance of deposits under Companies Act were the other issues discussed in the meeting.