Union Finance Minister P Chidambaram on Monday slammed "unregulated" players in the financial market saying their activities have adversely impacted large number of consumers.
"The financial sector operates in speed and dynamism, and generates new space, sometimes "undefined" areas, which provide opportunities for "unregulated" players in the market,” he said at a seminar here.
The minister pointed out that institutions and regulators which had come up from time to time to meet newly-perceived requirements, had potentially created regulatory overlaps, gaps and ambiguity on account of lack of role clarity.
"This has created inefficiencies in addressing critical emerging issues in an increasingly dynamic, complex and interconnected financial world", he said.
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