The government today said it is looking to strengthen High Level Coordination Committee (HLCC) on financial markets to make it more broadbased and effective to deal with issues in the financial sector.
“We are just trying to see what is the best method of making it more effective, more broadbased (and) how it should function,” Finance Secretary Ashok Chawla said on the sidelines of a seminar hosted by economic think tank ICRIER.
However, Chawla pointed out that there is no need to provide legal teeth to the committee.
Headed by Reserve Bank Governor, HLCC is a high-powered body that coordinates the functioning of various financial sector regulators and deliberates on issues concerning the financial sector.
Apart from the RBI Governor, its members include Finance Secretary, heads of Securities and Exchange Board of India (SEBI), Pension Fund Regulatory and Development Authority (PFRDA), and Insurance Regulatory and Development Authority (IRDA).
The strengthening of HLCC, as a financial sector coordinating body, assumes significance as the government has ruled out setting up of a super regulator.
“We are not looking at any super regulator. That’s not on the table,” Chawla said.