Important Regulatory Bodies in India
1. RBI – Reserve Bank of India
- Sector: Banking & Finance, Monetary Policy
- Head: Governor – Urjit Patel
- Headquarters: Mumbai
RBI was established on 1 April 1935 with the sole aim to work as banking sector regulator .RBI was nationalized in 1949.RBI regulate the banking sector (government and private banks) by banking regulation act 1949 and RBI act 1935 which entrusted responsibility on the RBI
to work for the enhancement of banking sector in India .RBI is the sole authority to issue banking licenses to entities who want to open bank in India , and if any bank want to open new branch it has to be take prior approval from RBI.
The main aim of RBI is to provide banking services to the last mile of country .To full this initiative RBI has started financial inclusion program .In this RBI mandated all banks in India to open at least 25 percent braches in rural areas. RBI also ensure that adequate credit is provide to rural areas by priority sector lending In this RBI has mandated all banks including foreign banks working in India to provide 40 percent of their loans to priority sector like agriculture, student loans etc .If any bank found violating RBI policy ,it has power to take action against it .
RBI do supervision functions and regular checks to ensure that financial health of banks is maintained .RBI ensure that all banks follow the government guidelines for the banking sector. If any bank found indulging in activities against people interest and violating government polices RBI can fine bank including private banks. The term of RBI governor is for three years and appointed by GOI.
2. SEBI - Securities and Exchange Board of India
- Sector: Securities (Stock) & Capital Market
- Head: Chairman – U.K.Sinha
- Headquarters: Mumbai
SEBI was enacted on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992. The main aim of SEBI is to protect the interest of investor in securities .It is sole regulator for all stock exchanges in India. SEBI regulate the capital markets in India .If any company want to bring IPO it needs prior approval from SEBI .It is entrusted with responsibility to protect the interest of investor in stock exchange , ensure the growth of securities market ,regulate and develop a code of conduct for intermediaries such as brokers, underwriters, etc.
The chairman of SEBI is appointed by GOI .The term of SEBI chairman is for three years
3. IRDAI - Insurance Regulatory and Development Authority
- Sector: Insurance
- Head: Chairman – T.S. Vijayan
- Headquarters: Hyderabad
IRDA was establishes in 1999 by the IRDA act ,1999 .It is the autonomous body established by act of parliament .It aim is to ensure growth of insurance sector in India.
IRDA was established as sole authority to regulate the insurance industry in India , to ensure the growth of insurance industry and protect the interest of policy holders.
For any company want to work in insurance sector needs prior approval of IRDA .It also perform supervision functions to ensure that different insurance companies including private following rules and regulations or not .It can take action against erring companies .IRDA works to protect the interest of policy holder and to regulate, promote and ensure orderly growth of the insurance industry.
The chairman of IRDA is appointed by GOI .The term of IRDA chairman is for five years.
4. PFRDA - Pension Fund Regulatory & Development Authority
- Sector: Pension
- Head: Chairman - Hemant Contractor
- Headquarters: New Delhi
PFRDA is the regulatory body for all the pension funds in India .The Pension Fund Regulatory & Development Authority Act was passed on 19th September, 2013.PFRDA regulate the pension sector and works for its development, formulate policies for pension sector.PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments and by employees of private institutions/organizations & unorganized sectors.
Term of PFRDA chairman is for five years and appointed by GOI.
5. NABARD - National Bank for Agriculture and Rural Development
- Sector: Financing Rural Development
- Head: Chairman – Harsh Bhanwala
- Headquarters: Mumbai
NABARD was established on 12 July 1982 by the act of parliament .NABARD is the apex institution for the development of farm sector , cottage industries and small scale industries in rural areas. The Banking Regulation Act, 1949, empowers NABARD to conduct inspection of State Cooperative Banks (SCBs), Central Cooperative Banks (CCBs) and Regional Rural Banks (RRBs) and protect interest of the present and future depositor and also provide short and medium term loan to those banks working in rural areas development .It provides his expertise in rural areas to RBI and GOI in making policies.
The chairman of NABARD is appointed by GOI .The term of NABARD chairman is for three years
6. SIDBI - Small Industries Development Bank of India
- Sector: Financing Micro, Small and Medium-Scale Enterprises
- Head: Chairman – Kshatrapati Shiaji
- Headquarters: Lucknow
7. NHB - National Housing Bank
- Sector: Financing Housing
- Head: MD & CEO – Sriram Kalyanaraman
- Headquarters: New Delhi
National Housing Bank (NHB), a wholly owned subsidiary of Reserve Bank of India (RBI), was set up on 9 July 1988 under the National Housing Bank Act, 1987. NHB is an apex financial institution for housing. NHB has been established with an objective to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support incidental to such institutions and for matters connected therewith.
NHB registers, regulates and supervises Housing Finance Company (HFCs), keeps surveillance through On-site & Off-site Mechanisms and co-ordinates with other Regulators.
8. TRAI - Telecom Regulatory Authority of India
- Sector: Telecommunication & Tariffs
- Head: Chairman – Ram Sewak Sharma
- Headquarters: New Delhi
TRAI's mission is to create and nurture conditions for growth of telecommunications in India to enable the country to have a leading role in the emerging global information society.
One of its main objectives is to provide a fair and transparent environment that promotes a level playing field and facilitates fair competition in the market. TRAI regularly issues orders and directions on various subjects such as tariffs, interconnections, quality of service, Direct To Home (DTH) services and mobile number portability.
In January 2016, TRAI introduced an important change in telecommunication that would benefit all consumers. Effective from 1 January 2016, consumers will be compensated for call drops. However, there is a catch, per the rule, mobile users will get a compensation of Re 1 for every dropped call but it will be limited to a maximum three dropped calls in a day. This regulation has been quashed by Supreme Court on the ground of being "unreasonable, arbitrary and unconstitutional"
9. CBFC – Central Board of Film Certification
- Sector: Film/TV Certification & Censorship
- Head: Chairman – Pahlaj Nihalani
- Headquarters: Mumbai
Though the first film in India (Raja Harishchandra) was produced in 1913 by Dadasaheb Phalke, the Indian Cinematograph Act was passed and came into effect only in 1920. Censor Boards (as they were called then) were placed under police chiefs in cities of Madras (now Chennai), Bombay (now Mumbai), Calcutta (now Kolkata), Lahore (now in Pakistan) and Rangoon (now Yangon in Burma). Regional censors were independent. After Independence autonomy of regional censors was abolished and they were brought under the Bombay Board of Film Censors. With implementation of Cinematograph Act, 1952, the board was unified and reconstituted, as the Central Board of Film Censors. Cinematograph (Certification) Rules were revised in 1983 and since then the Central Board of Film Censors became known as the Central Board of Film Certification.
10. FIPB – Foreign Investment Promotion Board
- Sector: Foreign Direct Investment
- Head: Chairman (Secretary, Dept. of Economic Affairs, GOI) – Shaktikanta Das
- Headquarters: New Delhi
11. FSDC – Financial Stability and Development Council
- Sector: Financial Sector Development
- Head: Chairman (Finance Minister, GOI) – Arun Jaitley
- Headquarters: New Delhi
12. FSSAI – Food Safety and Standards Authority of India
- Sector: Food
- Head: Chairman – Ashish Bahuguna
- Headquarters: New Delhi
13. BIS – Bureau of Indian Standards
- Sector: Standards & Certification
- Head: Director General – Alka Panda
- Headquarters: New Delhi
The organisation was formerly the Indian Standards Institution (ISI), set up under the Resolution of the then Department of Industries and Supplies No. 1 Std.(4)/45, dated 3 September 1946. The ISI was registered under the Societies Registration Act, 1860.
As a corporate body, it has 25 members drawn from Central or State Governments, industry, scientific and research institutions, and consumer organisations. Its headquarters are in New Delhi, with regional offices in Kolkata, Chennai, Mumbai, Chandigarh and Delhi and 20 branch offices. It also works as WTO-TBT enquiry point for India
14. ASCI – Advertising Standards Council of India
- Sector: Advertising
- Head: Chairman – Narendra Ambwani
- Headquarters: Mumbai
15. BCCI – Board of Control for Cricket in India
- Sector: Cricket
- Head: President – Vinod Rai
- Secretary – Amitabh Chaudhary
- Headquarters: Mumbai
16. AMEI – Association of Mutual Funds of India
- Sector: Mutual Funds
- Head: C.V.R Rajendran
- Headquarters: Mumbai
A visible and ethical impact created by AMFI can be seen in advertisements of mutual funds where the instructions concerning the risky nature of mutual funds investments is clearly mentioned.
17. EEPC – Engineering Export Promotional Council of India
- Sector: Trade and Investment
- Head: Chairman – Rakesh Shah
- Vice Chairman – V S Anand
- Headquarters: Kolkata
Set up in 1955, EEPC India now has a membership base of over 12,000 out of whom 60% are SMEs.
18. EICI – Express Industry Council of India
- Sector: Trade
- Head: Chairman – R.K Saboo
- Vice Chairman – Taarek Hinedi
- Headquaters: Mumbai
19. FIEO – Federation of Indian Export Organisation
- Sector: Export
- Head: Dr. Ajay Sahai
- Headquaters: Mumbai
Federation of Indian Export Organisations is a trade promotion organisation in India, jointly established in 1965 by the Ministry of Commerce of the Government of India and private trade and industry. The organisation is responsible for representing and assisting Indian entrepreneurs and exporters in foreign markets
20. INSA – Indian National Shipowners’ Association
- Sector: Shipping
- Head: President – Sumati Morarjee
- Headquarters: Mumbai
21. ICC – India Chemical Council
- Sector: Manufacturing
- Head: Mr. Ravi Kapoor
- Headquarters: Mumbai
22. ISSDA – Indian Stainless Steal Development Association.
- Sector: Growth and Development
- Head: K.K Pahuja
- Headquarters: Haryana
23. MAIT – Manufacturers’ Association for Information Technology
- Sector: IT
- Head: V.J Ramamurthy
- Headquarters: New Delhi
24. NASSCOM – National Association of Software and Service Companies.
- Sector: IT
- Head: Raman Roy
- Headquarters: Mumbai
25. OPPI – Organisation Of Plastic Processors of India.
- Sector: Manufacturing
- Head: President -Achal Thakkar
- Vice President – Dharmendra Gandhi
- Headquarters: Mumbai
26. PEPC – Project Exports Promotion Council of India.
- Sector: Trade
- Head: Chairman – Sandip Baran Das
- Vice Chairman – Rajeev Mahna
- Headquarters: New Delhi
27. TEMA – Telecom Equipment Manufacturer Association of India.
- Sector: – Telecom
- Head: President – Shri Rahul Sharma
- Headquarters – New Delhi