By IANS,
New Delhi: The government has no intention to curb the autonomy of financial regulators but would step in whenever they transgress their jurisdictions, Finance Minister Pranab Mukherjee said.
“Regulators are expected to work within their domain… the act which creates the regulators, they define their area of jurisdiction. But if there be occasions that they are transgressing each other’s jurisdiction, then the question remains whether government remains a silent spectator and both of them fight the cases in the court and carry on for indefinite period in our judicial system or government has a role to play as a mediator in these type of cases,” Mukherjee told a television channel.
“Regulators have not come from the heavens… they are not born with their rights .. they are created by parliament by enactment and those enactment clearly define their jurisdiction,” he said.
“The question of intervention or mediation or stepping in… whatever nomenclature you like to give in when one is crossing the jurisdiction of others or engaged in a conflict,” Mukherjee added.
Defending the government’s plan to set up the so-called super regulator, Mukherjee said it was aimed to ensure smooth functioning of the financial system.
The Reserve Bank of India has expressed concerns over the government’s plans