Union Finance Minister Pranab Mukherjee on Friday chaired the first meeting of the Financial Stability and Development Council (FSDC) formed to sort out inter-regulatory issues. FSDC includes Reserve Bank of India Governor, Finance Secretary and heads of regulators like Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority (IRDA).

“We had a very positive and constructive meeting,” Mr. Mukherjee told journalists here after the meeting of the high-level body. Similarly, Finance Secretary Ashok Chawla said: “The meeting discussed broad issues regarding the state of economy.”

Those who attended the meeting included Reserve Bank Governor D. Subbarao, SEBI Chairman C. B. Bhave and IRDA Chairman J. Hari Narayan. In his Budget speech last year, Mr. Mukherjee had proposed to set up the FSDC to deal with financial stability, financial sector development, inter-regulatory coordination, financial literacy, financial inclusion and macro-prudential supervision of the economy, including the functioning of large financial conglomerates. The Council is also expected to coordinate the country's international interface with financial sector bodies such as the Financial Action Task Force (FATF) and Financial Stability Board (FSB).

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