India's top regulators sign pact for monitoring financial conglomerates

The country's top regulators signed an agreement among each other for co-operation on consolidated supervision and monitoring of financial groups identified as financial conglomerates.

The regulators who signed the pact were the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority, the RBI said in a release on Friday.

The RBI had on February 22 released rules on allowing companies to start banks in India and such coordination among regulators is needed for effective supervision, analysts said.

Copyright @ Thomson Reuters 2013