No intention to interfere with regulators: Pranab

Hyderabad, July 20 (IANS) The government has no intention to intervene in the autonomous role of regulatory bodies, Finance Minister Pranab Mukherjee said here Tuesday.

All the regulators in different sectors would enjoy their autonomy which has been given to them by the act passed by the parliament, Mukherjee told reporters.

‘If there is a conflict between two regulators, a joint mechanism which has been established by issuing an ordinance will come to intervene to determine which regulator has jurisdiction in respect of that,’ he said.

‘Except in this limited area, there is no other intention of the government or no other action is being taken by the government to interfere with the autonomous role of the regulators,’ he said when a reporter drew his attention to the general feeling that the finance ministry is becoming a super regulator.

He termed as ‘quite comfortable’ the foreign exchange reserves. ‘I am not at all worried about the capital or institutional flow or otherwise because the inflow is under manageable level,’ he said.

‘When it appears to the Reserve Bank or to the government that the quantum is such which is unmanageable then the question of intervention or interference will come,’ he said.

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