SCE to assess Global Competitiveness of Indian Financial Sector Constituted

The Union Government of India on 7 June 2013 constituted a Standing Council of Experts (SCE) to access global competitiveness of Indian Financial Sector in the Department of Economic Affairs, Ministry of Finance.

The terms of references that will govern the Council include:

a) The constituted council will be responsible to analyze the international competitiveness of the Indian financial sector
b) It will be responsible to examine comprehensively various pecuniary and non-pecuniary costs of doing business through Indian capital/financial markets, like transactions costs including applicable tax rates, documentation requirements brokerage fee and others vis-a-vis other competing destinations, and make recommendations aimed at achieving competitiveness
c) To examine related policy/operating frameworks and the performance of various segments of Indian capital/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
d) To examine possibilities for and suggest reform measures aimed at enhancing transparency, promoting development of and strengthening governance in the Indian capital markets/financial sector while ensuring that risks are contained and investor interests are protected
e) To deliberate and advise on any other matter related to the above objectives that may be referred to it with the approval of the Chairperson

Financial experts from Government as well as private sectors will be the member of the panel being constituted.

Composition of the Council

• Secretary, Department of Economic Affairs-Chairperson
• Chief Economic Adviser (CEA)- Member and Alternate Chair
• Joint Secretary (Capital Markets), DEA: Convener – Member Secretary to the Council.

The Chairperson of the council will reserve the power of inviting any person of importance (whose presence is deemed necessary for achieving the objectives of the Council) for any of the meetings of the council.

The meetings of the council will take place at a frequency required for fulfilling its objectives following the approval of its Chairperson. The Union Government will reserve the right of reconstituting or discontinuing the Council at any point of time, without any notice or attribution of any of the reasons for its decision.