The Government of India is considering a proposal to set up a Financial sector oversight agency (FSOA) which could function as an umbrella organization for all regulators in this sector.
3 Years ago, a proposal for a super regulator was thwarted by SEBI. The government is avoiding a similar strategy this time in view of the resistance it could face.
The new agency will only act as an umbrella body covering RBI, SEBI, IDA, Forward Markets commission and PFRDA. The idea is not to leave any gap in the Financial sector regulation.
The government is also considering a proposal for setting up a financial ombudsman office to expand customer literacy, prevent exploitation and arbitrage grievances.
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