BUDGET
Govt to set up multiple panels to review, "light-touch" regulations
This story was originally published at 15:22 IST on 1 February 2025
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--High-level panel to review non-fincl sector regulatory norms
--To update old regulations under light-touch regulatory framework
--To set up forum for regulatory coordination for pension
AHMEDABAD – In the Union Budget for 2025-26 (Apr-Mar), Finance Minister Nirmala Sitharaman announced several initiatives to enhance regulatory framework and coordination across multiple sectors. This will create a more efficient, transparent and business-friendly regulatory environment to support sustainable economic growth, she said.
The initiatives include setting up a high-level panel to review and update regulatory norms in the non-financial sector. This initiative aims to modernise current regulations, ensure they are conducive to current economic dynamics, and promote ease of doing business, she said.
As part of the regulatory reforms, it is proposed to update outdated regulations under a "light-touch" framework, thereby simplifying compliance requirements, reduce bureaucratic challenges, foster innovation and growth across industries.
To streamline and enhance the regulatory environment for pension products, the government will set up a dedicated forum for regulatory coordination. This forum aims to facilitate the development of pension products and implement simplified Know Your Customer processes, including the rollout of a revamped central Know Your Customer registry in 2025.
A new mechanism will be formulated to enhance responsiveness and development of the financial sector. "Under the Financial Stability and Development Council, a mechanism will be set up to evaluate impact of the current financial regulations and subsidiary instructions," Sitharaman said. End
Reported by Sunil Raghu
Edited by Ashish Shirke
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