The Securities and Exchange Board of India (Sebi) has written to the chairman of the Insurance Regulatory and Development Authority of India (Irdai), seeking the inclusion of insurance-related information in the consolidated account statement (CAS), as part of efforts to provide investors with a comprehensive view of their financial holdings, Sebi chairman Tuhin Kanta Pandey said on Thursday.
Speaking on the sidelines of Sahamati’s annual conference, the Sebi chairman said the account aggregator framework could help integrate information across financial products and improve the CAS.
Currently, investors can access information on securities holdings, mutual funds, stocks across brokers and the National Pension System (NPS).
Following the Reserve Bank of India’s (RBI’s) announcement that Sebi-regulated depositories could access bank deposit information on a continuous basis, the regulator is also working on the technical details for incorporating such information.
The proposed expansion would enable investors to view their financial assets in a consolidated form, supporting financial planning and investment advice based on their overall portfolios.
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On the issue of merchant discount rate (MDR), the Sebi chairman said the regulator was still in talks with the National Payments Corporation of India (NPCI), following the latter’s recent deferment of the fee.
Asked whether Sebi had made a representation to NPCI on behalf of capital market participants regarding MDR, he said discussions were ongoing.
The chairman also stressed the importance of investor awareness, saying the regulator was using digital platforms and multilingual communication to reach investors across the country. Sebi has sent nearly 44 crore awareness messages over the last nine days, he said.
Separately, Sebi is examining proposals to strengthen the securities lending and borrowing mechanism (SLBM), which facilitates short selling. A working group has held meetings and is evaluating different proposals, the chairman said.
Once the proposals are finalised, Sebi will issue a consultation paper. He described the initiative as a high priority for the regulator but did not specify a timeline for its release.