The government has inducted the corporate affairs secretary and insolvency board chairman into the Financial Stability and Development Council (FSDC).
The FSDC was set up in 2010 as an apex body to improve coordination among financial sector regulators.
Headed by the Union Finance Minister, the FSDC was established to institutionalise and strengthen the mechanism for maintaining financial stability, financial sector development and inter-regulatory coordination.
With addition of Secretary, Ministry of Corporate Affairs and Chairman, Insolvency and Bankruptcy Board of India (IBBI), the Council will have nine members, said a government notification.
The other members are -- RBI Governor, finance secretary, financial services secretary, chief economic advisor, and heads of SEBI, IRDAI and PFRDA.
FSDC also has a sub-committee under the RBI Governor.
The Council has so far met 17 times. The last meeting was held here in August.
Among other things, the Council is also expected to deliberate on issues like "macro prudential supervision of the economy", including functioning of large conglomerates and coordinate India's international interface with financial sector bodies like Financial Action Task Force (FATF) and Financial Stability Board (FSB).
In the last meeting, the Council, headed by Finance Minister Arun Jaitley, had weighed in on challenges facing the economy and underscored the need for keeping a constant vigil on them.
It also took note of the overall stability that has been achieved on the back of improvements in macro-economic fundamentals, structural reforms with the launch of the Goods and Services Tax (GST), action being taken to address the twin balance sheet challenge and financial market confidence.
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