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Informist, Thursday, Nov. 6, 2025

 

NEW DELHI - In the rapidly changing dynamics of the financial sector, it is important to shift the onus of following regulations to regulated entities, Department of Financial Services Secretary M. Nagaraju said Thursday. "The burden of following the guidelines issued by the regulators should be given to the regulated entities. And whenever there is infringement or violation or shortcuts, I think coming down heavily on the violators should be the norm," he said at the 10th Gatekeepers of Governance event in Mumbai.

 

"The principles are changing. And of course, it has to be principle-based, but smart regulation. And risk-based regulation," he said. Referring to the government's initiative to form a high-level panel to review and update regulatory norms, Nagaraju said, "once the committee comes out with the recommendations, all the regulators will consider those recommendations and again further improve the ease of doing business for the regulated entities."

 

In the Budget for 2025-26 (Apr-Mar), Finance Minister Nirmala Sitharaman had said "a High-Level Committee for Regulatory Reforms will be set up for a review of all non-financial sector regulations, certifications, licences, and permissions. The committee will be expected to make recommendations within a year. The objective is to strengthen trust-based economic governance and take transformational measures to enhance ease of doing business, especially in matters of inspections and compliances".

 

Nagaraju also said that insolvency proceedings against defaulters have been doing well over the last few years. "Even before filing the insolvency, we actually have resolved about 30,000 applications, even before going to the IBC process, involving INR 13.78 trillion as of December 2024. We have IBC process, (because of which) people are worried that they will lose the funds if they go to the IBC. Therefore, they are very eager to settle the outstanding dues with the banks itself," he said.

 

The government aims to get Parliament's nod on Insolvency and Bankruptcy Code (Amendment) Bill, 2025, in the Winter Session, Nagaraju said. Lok Sabha member Baijayant Panda was appointed the Chairman of Select Committee examining the Insolvency and Bankruptcy Code (Amendment) Bill, 2025.  End

 

Reported by Sagar Sen, Anshul Choudhary and Shakshi Jain

Edited by Vandana Hingorani

 

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