CAPITAL MARKET and REGULATORY AUTHORITIES

India
There are four main legislations governing the Indian Securities market:

a.     The SEBI Act, 1992 establishes SEBI to protect investors and develop and regulate the securities market.

b.     The Companies Act, 1956 sets out the code of conduct for the corporate sector in relation to issue, allotment, and transfer of securities, and disclosures to be made in public issues.

c.     The Securities Contracts (Regulation) Act, 1956 provides for regulation of transactions in securities through control over stock exchanges.

d.     The Depositories Act, 1996 provides for electronic maintenance and transfers of ownership of demat securities.

In India, the responsibility of regulating the securities market is shared by DCA (the Department of Company Affairs), DEA (the Department of Economic Affairs), RBI (the Reserve bank of India), and SEBI (the Securities and Exchange Board of India).

The DCA is now called the ministry of company affairs, which is under the ministry of finance. The ministry is primarily concerned with the administration of the Companies Act, 1956, and other allied Acts and rules & regulations framed there-under mainly for regulating the functioning of the corporate sector in accordance with the law.　

The ministry exercises supervision over the three professional bodies, namely Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), and the Institute of Cost and Works Accountants of India (ICWAI), which are constituted under three separate Acts of Parliament for the proper and orderly growth of professions of chartered accountants, company secretaries, and cost accountants in the country.

http://www.mca.gov.in/

SEBI protects the interests of investors in securities and promotes the development of the securities market. The board helps in regulating the business of stock exchanges and any other securities market. SEBI is also responsible for registering and regulating the working of stock brokers, sub-brokers, share transfer agents, bankers to an issue, trustees of trust deeds, registrars to an issue, merchant bankers, underwriters, portfolio managers, investment advisers, and such other intermediaries who may be associated with securities markets in any manner.

The board registers the venture capitalists and collective investments like mutual funds. SEBI helps in promoting and regulating self regulatory organizations.

http://www.sebi.gov.in

　　

RBI is also known as the banker’s bank. The central bank has some very important objectives and functions such as:
Objectives

• Maintain price stability and ensure adequate flow of credit to productive sectors.
• Maintain public confidence in the system, protect depositors' interest, and provide cost-effective banking services to the public.
• Facilitate external trade and payment and promote orderly development and maintenance of the foreign exchange market in India.
• Give the public adequate quantity of supplies of currency notes and coins in good quality.

　Functions

• Formulate implements and monitor the monetary policy.
• Prescribe broad parameters of banking operations within which the country's banking and financial system functions.
• Manage the Foreign Exchange Management Act, 1999.
• Issue new currency and coins and exchange/destroy currency and coins not fit for circulation.
• Perform a wide range of promotional functions to support national objectives.

http://www.rbi.org.in/home.aspx

The DEA (Department of Economic Affairs) is the nodal agency of the Union government to formulate and monitor the country's economic policies and programs that have a bearing on domestic and international aspects　of economic management. Apart from forming the Union Budget every year, it has other important functions like:

      i.        Formulation and monitoring of macro-economic policies, including issues relating to fiscal policy and public finance, inflation, public debt management, and the functioning of capital market, including stock exchanges. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings, and mobilization of small savings.

     ii.        Monitoring and raising of external resources through multilateral and bilateral development assistance, sovereign borrowings abroad, foreign investments, and　monitoring foreign exchange resources, including balance of payments.

    iii.        Production of　bank notes and coins of various denominations, postal　stationery, postal stamps, cadre management, career planning, and training of the Indian Economic Service (IES).

　United States

• U.S. Securities and Exchange Commission (SEC)
• Financial Industry Regulatory Authority (FINRA)
• Commodity Futures Trading Commission (CFTC)
• Federal Reserve System ("Fed")
• Federal Deposit Insurance Corporation (FDIC)
• Office of the Comptroller of the Currency (OCC)
• National Credit Union Administration (NCUA)
• Office of Thrift Supervision (OTS)
• Consumer Financial Protection Bureau (CFPB)

United Kingdom

• Financial Conduct Authority (FCA)
• Prudential Regulation Authority (PRA)

Japan Financial Services Agency (FSA)Germany Federal Financial Supervisory Authority (BaFin)France Autorité des marchés financiers (France) (AMF)Singapore Monetary Authority of Singapore (MAS), Switzerland Swiss Financial Market Supervisory Authority (FINMA)Italy Commissione Nazionale per le Società e la Borsa (CONSOB)

Netherlands Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, AFM),

People's Republic of China

• China Securities Regulatory Commission (CSRC)
• China Insurance Regulatory Commission (CIRC)
• China Banking Regulatory Commission (CBRC)

Brazil

• Comissão de Valores Mobiliários (CVM) (Securities and Exchange Commission)
• Banco Central do Brasil (BCB) (Central Bank of Brazil)
• Superintendência de Seguros Privados (SUSEP) (Superintendence of Private Insurance)

Canada

• Canada is one of the few countries that does not have a country wide securities regulator. Canadian securities regulation is instead done at province level by separate agencies coordinated through the Canadian Securities Administrators.
• Investment Industry Regulatory Organization of Canada (IIROC) (French: Organisme canadien de réglementation du commerce des valeurs mobilières, OCRCVM)
• Office of the Superintendent of Financial Institutions (OSFI)

Unique jurisdictions In most cases, financial regulatory authorities regulate all financial activities. But in some cases, there are specific authorities to regulate each sector of the finance industry, mainly banking, securities, insurance and pensions markets, but in some cases also commodities, futures, forwards, etc. For example, in Australia, the Australian Prudential Regulation Authority (APRA) supervises banks and insurers, while the Australian Securities and Investments Commission (ASIC) is responsible for enforcing financial services and corporations laws.

Sometimes more than one institution regulates and supervises the banking market, normally because, apart from regulatory authorities, central banks also regulate the banking industry. For example, in the USA banking is regulated by a lot of regulators, such as the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Office of Thrift Supervision, as well as regulators at the state level.

In addition, there are also associations of financial regulatory authorities. In the European Union, there are the Committee of European Securities Regulators (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), which are Level-3 committees of the EU in the Lamfalussy process. And, at a world level, we have the International Organization of Securities Commissions (IOSCO), the International Association of Insurance Supervisors, the Basel Committee on Banking Supervision, the Joint Forum, and the Financial Stability Board.