Regulators discuss ways to implement Budget

Financial sector regulators including RBI and Sebi on Saturday discussed the road map for the implementation of single demat account, uniform KYC norms and strengthening of markets as announced in the Budget 2014-15.

The sub-committee of the Financial Stability and Development Council (FSDC), headed by RBI Governor Raghuram Rajan, reviewed the major decisions announced in the Budget and discussed ways to implement them.

"The decisions reviewed included one single demat account for all financial assets, introduction of uniform KYC norms and inter-usability of KYC records across the financial sector, strengthening and deepening the markets for corporate bond, currency derivatives and interest rate futures, and participation of DFIs and FIIs in commodity market," the RBI said in a statement.

Potential risks

The regulators also reviewed the domestic macro economy and potential risks facing the financial system. "A draft roadmap for creating standards and protocol for setting up account aggregation facility for financial assets was deliberated in the meeting," it added.

The sub-Committee also reviewed the functioning of the various Technical Groups which are under its ambit. The FSDC was set up to strengthen and institutionalise the mechanism of financial stability and development.