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RBI, Sebi & IRDAI Working on New Framework to Help Stressed Financial Firms

The development is important since it comes at a time when India’s financial sector is seeing huge liquidity crisis with major non-banking finance companies like Dewan Housing Finance Corp.

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Updated:September 27, 2019, 4:05 PM IST
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RBI, Sebi & IRDAI Working on New Framework to Help Stressed Financial Firms
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New Delhi: India’s financial sector regulators are reportedly meeting today in Mumbai to discuss a new framework to deal with stressed financial companies.

According to a report in Business Standard, an inter-regulatory panel of the Financial Stability and Development Council (FSDC) will meet at the headquarters of the Reserve Bank of India (RBI) on Friday to formulate a uniform approach for bailing out stressed financial conglomerates. FSDC includes chiefs and senior officials of RBI, Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (IRDAI).

The development is important since it comes at a time when India’s financial sector is seeing huge liquidity crisis with major non-banking finance companies like Dewan Housing Finance Corp. Ltd (DHFL) defaulting on debt repayments. At present, the resolution process for such companies is mostly hampered due to lack of coordination among stakeholders and inter-regulatory issues, but the FSDC is planning to fix that now.

According to the report, the inter-regulatory panel on Friday would not just formulate a framework but would also identify the companies that would come under the new mechanism. “It will be on a case-to-case basis; not every finance company would come under this. The regulator will decide certain parameters based on which financial conglomerates would be shortlisted,” a regulatory official told Business Standard.

However, it is important to note here that the new mechanism will cover only those companies that are not under insolvency or have not initiated any resolution process under the Insolvency and Bankruptcy Code (IBC), the report added. This essentially means that stressed NBFCs like DHFL may be the main beneficiaries of the new framework.

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