Finance Minister Praises Indian Regulators for World-Class Performance and Transparency

Finance Minister Praises Indian Regulators for World-Class Performance and Transparency

Finance Minister Nirmala Sitharaman on Tuesday praised India's financial regulators for their "world-class" performance and for enhancing transparency across the financial system. While delivering her remarks at the Financial Express Best Banks Awards, Sitharaman acknowledged the regulators' significant contributions to the financial sector, emphasizing their role in improving accountability and ensuring smooth operations.

Sitharaman pointed out that although it is essential to question and critique regulators when necessary, the public should also remain conscious of the value and progress that these institutions bring to the financial landscape. The minister's remarks come in light of ongoing developments in the Securities and Exchange Board of India (SEBI) investigation, where SEBI chairperson Madhabi Puri Buch has faced accusations of impropriety. Sitharaman urged the audience to consider the emerging facts in the case, indicating that transparency and integrity remain at the forefront of the regulator’s agenda.

Indian regulators, including the Reserve Bank of India (RBI) and SEBI, have taken several measures in recent years to bolster transparency, market stability, and investor confidence. The Finance Minister lauded their efforts in introducing reforms that have strengthened India’s financial ecosystem, ensuring that it remains robust and competitive on a global scale.

The speech underscored the importance of maintaining a balance between scrutiny and support for regulatory bodies, whose contributions to the financial system are critical for India's economic growth and sustainability. Sitharaman also noted that India’s regulatory framework has gained international recognition for its high standards, further strengthening the country's position in the global financial arena.

The ongoing developments in the SEBI investigation involving Buch have brought regulatory scrutiny into the spotlight, but the Finance Minister remained optimistic that the truth would emerge, and the regulator’s reputation for fairness and efficiency would be upheld.