The Government has constituted a High-Level Inter-Ministerial Group (IMG) for proper enforcement of regulatory framework for Multi-Level Marketing Companies, Non-Banking Finance Companies and Companies running Collective Investment Schemes, under the Chairmanship of Additional Secretary, Department of Financial Services, Ministry of Finance. The Group consists of Joint Secretary level officers from the Department of Economic Affairs, Ministry of Finance, Department of Revenue, Ministry of Finance and Ministry of Corporate Affairs, and the Joint Secretary level officers from the Reserve Bank of India (RBI) and Securities and Exchange Board of India(SEBI). The Group is expected to strengthen the existing coordination mechanisms for regulation and supervision of financial sector.

The First Meeting of the Inter-Ministerial Group is scheduled for May 16, 2013.

DSM/RS/ka

(Release ID :95847)

Regulatory coordination: inter-ministerial group to strengthen enforcement of rules for multi-level marketing, NBFCs and collective investment schemes. A High-Level Inter-Ministerial Group has been constituted under the Additional Secretary, Department of Financial Services, with Joint Secretary-level representatives from key finance ministries, the Ministry of Corporate Affairs, the central bank and the securities regulator to improve enforcement of the regulatory framework for Multi-Level Marketing companies, Non-Banking Finance Companies and Companies running Collective Investment Schemes by strengthening coordination, information sharing and supervisory coherence among agencies.