Sebi urges govt rethink on RBI representation on its board, cites its work

Capital markets regulator says RBI inputs on policy issues can be taken through formal discussions and correspondence

Capital markets watchdog Sebi wants the government to end the practice of Reserve Bank of India nominating a member, or alternatively provide for a cross-representation of the two regulators on each other's boards.

Officials said the Securities and Exchange Board of India (Sebi) first proposed that the finance minister amend the Sebi Act to discontinue RBI's representation on its board, as it already has adequate presence of the government nominees and in its over 25 years of existence the regulator has evolved as an "effective and one of the best in the world".

Besides, the boards of other regulators such