Amid outcry over Ponzi schemes causing huge losses to common people, the Finance Minister, P. Chidambaram, today said there are regulatory gaps and efforts are being made to frame a new law to oversee the financial sector.
“The present arrangements have a number of gap areas, where no regulators are unambiguously in-charge, such as issue of regulatory oversight over diverse Ponzi schemes that we have discovered recently. These are cleverly designed to be out of the purview of regulatory agencies,” he said.
The Minister was speaking at a seminar on the ‘Indian Financial Code’ (IFC) which was framed by Financial Sector Legislative Reforms Commission (FSLRC) with a view to updating the laws and regulations dealing with the sector. The seminar was organised by the Institute of Company Secretaries of India.
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