Sebi and some of the other regulators initially opposed the plan, citing concerns about loss of autonomy, but the government wants to go ahead with its plan, and finalise the transfer before the next budget is presented on February 1, 2020.
New Delhi: The government is pushing ahead with its plan, underlined in Union Budget 2019, to transfer 75% of market watchdog Securities and Exchange Board of India’s (Sebi) surplus to the Consolidated Fund of India, two government officials familiar with the plan said, adding that other financial sector regulators such as the Insurance Regulatory and Development Authority (Irda) and the Pension Funds Regulatory and development Authority will also be required to do so.
Sebi and some of the other regulators initially opposed the plan, citing concerns about loss of autonomy, but the government wants to go ahead with its plan, and finalise the transfer before the next budget is presented on February 1, 2020.
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