Young CEOs have questioned Finance Minister Arun Jaitley why there are so many regulators in the financial sector.
The questions were raised on 21 August, the first day of a two-day CEO conference, reported Business Standard.
Responding to the query, Mr Jaitley said that the regulators are needed. "But, where the work is inadequate is that three or four bodies do the work of one regulator," he said.
The financial regulators include Reserve Bank of India (RBI) for banking, the Securities Exchange Board of India (Sebi) for markets, the Insurance Regulatory and Development Authority of India (RDAI) for insurance, the Pension Fund Regulatory and Development Authority (PFRDA) for pensions.
Previously, the Financial Sector Legislative Reforms Commission (FSLRC) had recommended subsuming all the financial sector regulators into one unified financial agency, besides the Reserve Bank of India.