Union finance ministry set up a council of experts headed by the Economic affairs secretary to suggest measures to enhance the competitiveness of India's financial sector.
For this purpose, the ministry constituted the Standing Council of Experts whose members include Chief Economic Adviser (also Alternate Chair), Prithvi Haldea (Chairman, Prime Database), Nachiket Mor (Chairman, CARE India), (Ravi Narain, Vice Chairman, NSE), Shubhashis Gangopadhyay (Director, India Development Foundation) and Ravi Anshuman (IIM Bangalore).
The panel will examine various pecuniary and non-pecuniary transaction costs or burden of doing business in the Indian market and make recommendations for enhancing its competitiveness, the finance ministry said in a statement.
The council will also study related policy or operating frameworks and the performance of various segments of Indian capital or financial markets and make recommendations aimed at improving their competitiveness and efficiency, as also the completeness of these markets in terms of fully meeting client needs as per global standards through provision of requisite services and financial instruments.
The panel will also examine “possibilities for and suggest reform measures” aimed at enhancing transparency, development and strengthening governance in the capital markets and financial sector while ensuring that risks are contained and investor interests are protected.