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Ministry of Finance, Department of Economic Affairs Government of India
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FINANCIAL MARKET DIVISION (FM)

Ms. Surbi Jain, Joint Secretary (FM)

Tele: 23093881

Primary Markets

  • Policy formulation on issues relating to initial and further issue of capital and related intermediaries engaged in the same such as Merchant Banks, Registrar to an issue, etc.
  • Policy formulation on issues relating to:
    • Mutual funds
    • Collective investment schemes
    • Alternative Investment Funds
    • Policy issues related to Mergers, takeovers, and acquisitions of listed entities
    • Policy issues related to Credit Rating Agencies
    • Policy issues & Monitoring of Minimum Public Shareholding norms
    • Development of Corporate bond market
    • Financial literacy
    • Corporate governance of companies
    • Policy articulation on agenda items of SEBI’s Board meetings (primary responsibility)
    • SEBI Act and related rules and regulations
    • Coordinating DEA-AJNIFM Research Programme and other research programmes
    • Investment Guidelines for Non-Government Provident Funds, Superannuation Funds, and Gratuity Funds
  • Institutions: SEBI
  • External Territorial Charge: Nil
  • Ministries/Departments: Ministry of Corporate Affairs
  • States: Nil
  • Legislations: The Securities and Exchange Board of India Act, 1992

Name and designation of officers

External Market (Equity & Debt)

External Market

  • Administration of Foreign Exchange Management Act, 1999
  • Processing all references, cases, and proposals concerning Rules and Regulations framed under Foreign Exchange Management Act, 1999
  • Matters relating to establishment of Liaison Office/Branch Office/Project Office in India by foreign entities
  • Matters relating to opening Non-Resident Ordinary (NRO) and Non-Resident Rupee (NRE) Accounts by foreigners/non-residents
  • Matters related to trade payments settlement mechanism with Iran
  • Matters relating to foreign travel of Chief Ministers/Ministers/MLAs/Administrators/Officers of States and Union Territories
  • Approval for purchase of immovable property in India by foreigners/non-residents
  • Facilitating Annual Commonwealth Parliamentary Association Conference related visits of Speakers and Members of Legislative Assemblies
  • Institutions: Securities and Exchange Board of India (For matters relating to SEBI (Foreign Portfolio Investors) Regulations, 2019 and RBI (for matters relating to FEMA, 1999)
  • External Territorial Charge: Nil
  • Ministries/Departments: All Departments of Ministry of Law & Justice, M/o Parliamentary Affairs
  • States: Nil
  • Legislations: Foreign Exchange Management Act, 1999

Name and designation of officers

External Commercial Borrowing (ECB)

  • Policy issues related to External Commercial Borrowings, Foreign Currency Bonds, Rupee denominated Bonds (masala bonds), and Trade Credits
  • Framework for issuance of Rupee denominated Bonds in offshore market (masala bonds)
  • Policy matters relating to Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
  • Framework for Investment by Foreign Portfolio Investors in Government Securities and Corporate Bonds; Matters relating to Depository Receipts Scheme (ADR/GDR)
  • Matters relating to Bharat Depository Receipts/Indian Depository Receipts (BhDR/TDR)
  • Policy matters relating to International Financial Service Centres in India
  • Matters relating to International Settlement of Indian Debt Securities (through Euroclear and Clearstream)
  • References concerning Local Currency Financing Arrangements and Global Bond Indices
  • Policy Issues concerning Currency Derivatives markets in India (OTC and Exchange Traded) and Interest Rate Futures
  • Issues relating to Sukuk Bonds
  • Issues concerning Bilateral/Multilateral currency Swap Agreements
  • Organizing road shows and investor meets with foreign investors in India and abroad
  • BRICS and G-20 matters relating to Financial Markets
  • Preparation of External Markets Sector Brief and Data Chart for intra/inter-Governmental Agencies usage
  • Institutions: Reserve Bank of India - For Matters Relating to FEMA, 1999
  • Securities and Exchange Board of India - For Matters relating to SEBI (Foreign Portfolio Investment) Regulations, 2019
  • External Territorial Charge: Nil
  • Ministries/Departments: Nil

Name and designation of officers

International Financial Services Centres Authority

  • Administration of the IFSCA Act, 2019 and framing of Subordinate Legislation under the Act
  • Policy formulation on issues related to IFSCA Act, 2019 and related rules and regulations
  • Policy articulation on agenda items of IFSC Authority meetings
  • Facilitating overall development of core and niche segments in the financial ecosystem of IFSC through inter-departmental coordination on areas including:
    • Aircraft Leasing and Financing
    • Bullion Trading
    • Fin Tech
    • Insurance/Re-Insurance
    • Banking
    • Fund Management
    • Global-In-House Centres
    • Others
  • Preparation of Cabinet Notes for signing of bilateral and multilateral MoUs by IFSCA for strengthening mutual cooperation with overseas financial regulators/authorities
  • Facilitating international outreach by IFSCA and GIFT City
  • Enhancing inter-regulatory coordination between SEBI, RBI, IRDAI, PFRDA to enable comprehensive regulations and new financial products/services in IFSC
  • Budgetary assistance for IFSCA and transfer of grants from central government for expenditure on salaries, allowances, and other establishment expenses of the Authority
  • Supervising projects and schemes sanctioned to IFSCA including the IFSCA HQ Project, Sup-Tech Project, and Fintech Incentive Scheme
  • Examination and furnishing of comments on all Draft Cabinet Notes
  • Firming up of agenda items related to the development of IFSC under various economic and financial dialogues
  • Institutions: International Financial Services Centres Authorities (IFSCA)
  • External Territorial Charge: Nil
  • Ministries/Departments: Nil
  • States: Nil
  • Legislations: International Financial Services Centres Authority Act, 2019

Name and designation of officers

Secondary Market

  • Policy issues of Secondary Market and related Market Infrastructure Institutions (MIIs), Intermediaries and Participants (stock exchanges, clearing corporations, depositories & their participants, trading members, investment advisors, etc.)
  • Social Stock Exchange and SME Exchange/New Segments/platforms for trading in securities/crowdfunding platforms
  • Policy matter on Taxes and Stamp Duties in Securities Market
  • Skilling in securities market/capacity building initiatives
  • Delisting of companies and associated policy concerns
  • Creating a Single Demat Account for all financial assets
  • Database relating to Securities Markets
  • Monitoring of Stock Market Movements
  • Self-Regulatory Organizations
  • Cyber security related matters in context of Securities Market
  • Regulation of distributors/distribution of financial products in context of Sumit Bose Committee recommendation
  • Matters related to Investor Education and Protection
  • Policy on Frozen Demat Accounts
  • Securities Contracts (Regulations) Act, 1956 and related Rules and Regulations
  • Depositories Act, 1996 and related Rules and Regulations
  • Institutions: Stock Exchanges, Clearing Corporations, Depositories
  • External Territorial Charge: Nil
  • Ministries/Departments: Nil
  • States: Nil
  • Legislations:
    • The Securities and Exchange Board of India Act, 1992 (15 of 1992)
    • The Securities Contracts (Regulation) Act, 1956 (42 of 1956)
    • The Depositories Act, 1996 (22 of 1996)

Name and designation of officers

JPC & Investors Grievances

  • Matters related to Section 20 of Indian Trust Act, 1882
  • Preparation of Progress Report on Action taken on recommendations of Joint Parliamentary Committee (JPC) on Stock Market Scams and matters related thereto
  • Matters related to Nizam Trust
  • Handling of Investors’ Grievances (Electronic & Physical) related to FM Division/transferring of other representations to respective authority
  • Study/Survey on reforms required in Investors’ Grievance Redressal Mechanisms available in context of Securities Markets
  • Institutions: SEBI
  • External Territorial Charge: Nil
  • Ministries/Departments: Nil
  • States: Bihar, Jharkhand, Uttar Pradesh, Uttarakhand, Himachal Pradesh
  • Legislations: Section 20 of Indian Trusts Act, 1882

Name and designation of officers

Commodity Derivatives Market

  • Policy matters related to development of commodity derivatives market and other derivative products on goods/commodities: Policy issues on new products/contracts, entry of new players – domestic as well as foreign, harmonization of rules and procedures with securities market, developing hedging by government entities/farmers, etc.
  • Notifying commodities for trading: Resumption/suspension of futures trading in various notified commodities/Options Contract
  • Commodity derivatives trading related matters: cases of manipulation/speculation, etc.
  • Representing DEA in futures market related matters in the inter-ministerial committees on Essential Commodities’ price rise, etc.
  • Policy Matters of commodities markets like delivery arrangements matters related to warehouses accredited by stock exchanges with WDRA and Ministry of Consumer Affairs.
  • National Spot Exchange Ltd., erstwhile FCRA and FMC related matters, monitoring the action taken by investigating and enforcement agencies and regulatory authorities for violations of law, criminal offences, and default in payments to investors arising from the payment crisis at NSEL, sending quarterly reports on NSEL matter to PMO and defending the interest of Government of India in various Court Cases related to NSEL matter.
  • Evaluation of relevant items in SEBI board Agenda
  • Matters related to Electronic Gold Receipt (EGR) and Gold Spot Exchange
  • Budget Announcements related to commodity derivatives market
  • Parliamentary questions, RTI, grievances related to Commodity derivatives market
  • Commodity segment of exchanges of NSE, BSE and matters related to NCDEX and MCX
  • Skilling, capacity building, and awareness initiatives related to commodity derivatives market and NSEL matter
  • Institutions: Nil
  • External Territorial Charge: Nil
  • Ministries/Departments: Nil
  • States: Nil
  • Legislations: Forward Contracts (Regulation) Act, 1952 (repealed)

Name and designation of officers

Regulatory Establishment, International Cooperation & Coordination

Regulatory Establishment

Matters relating to SEBI

  • Board level appointments of SEBI and related rules and regulations
    • Constitution of the Financial Sector Regulatory Appointments Search Committee (FSRASC)
    • Publishing of advertisements
    • Receipt and scrutiny of applications
    • Coordination of the meetings of the FSRASC
    • Obtaining the approval of ACC
  • Establishment matters of SEBI
  • Administration of the SEBI Act, 1992 (15 of 1992)
  • Administration of SEBI (Terms and Conditions of Service of Chairman and Member) Rules, 1992
  • SEBI General Fund
  • SEBI Board Meetings
  • MoU between SEBI and any foreign country
  • IOSCO Meetings
  • Remittances to the Consolidated Fund of India
  • Foreign visits of the Chairman of SEBI
  • Hosting of meetings of foreign delegations – obtaining the necessary clearances
  • Parliament matters:
    • Parliament references
    • Laying of notifications
    • SEBI Annual Report and Annual Accounts and Audit Report on the table of both Houses
    • Complaints against Chairman and Board-level Members of SEBI

Matters relating to SAT

  • Appointment to the post of Presiding Officer and Registrar and related rules and regulations
  • Establishment matters of SAT
  • Residential Accommodation for the Presiding Officer of SAT
  • Grant of budget to SAT and related matters
  • Creation of posts and related rules in SAT
  • Administration of the Securities Appellate Tribunal (Salaries, Allowances And Other Terms And Conditions Of Presiding Officer And Other Members) Rules, 2003
  • Tribunal (Condition of Services) Rules, 2021, Appellate
  • Grant of vehicle to the officers in SAT
  • Strengthening of SAT
    • Amendment to the SEBI Act, 1992
    • Creation of additional benches
    • Creation of posts
    • Formulation of Recruitment Rules
    • Appointment of suitable candidates to the posts
  • Implementation of e-Court in SAT
  • Complaints against Presiding Officer and Members of SAT
  • Institutions: Securities and Exchange Board of India and Securities Appellate Tribunal
  • External Territorial Charge: Nil
  • Ministries/Departments: Ministries/Departments of all Departments of the M/o Finance except DIPAM
  • States: Nil
  • Legislations: SEBI Act, 1992

Name and designation of officers

FM Coordination

  • Internal Coordination within FM Division
  • Monitoring the up-dation of e-Samiksha:
    • VIP/PMO/Cab Sec References
    • Coordination of Budget implementation related matters for FM Division
    • Matters related to the Senior Management Group (SMG) meetings w.r.t. FM Division
  • Monitoring Parliamentary Assurances (OAMS portal)
  • Monitoring Court Cases on LIMBS Portal
  • Information/Inputs on issues sought by Admin. (Co-ord), Economic Division, and others
  • Monitoring Website Updates
  • Work management matters within FM Division
  • Internship management within FM Division
  • FSDC matters
  • Monthly summary in respect of activities, major achievements, and important policy decisions taken in DEA are sent to Cabinet Secretariat
  • Information/Inputs compiled for preparation of Annual Report and Economic Survey
  • Institutions: Nil
  • External Territorial Charge: Nil
  • Ministries/Departments: Nil
  • States: Nil
  • Legislations: Nil

Name and designation of officers

International Cooperation

  • India-US Financial Regulatory Dialogue
  • India-EU Financial Regulatory Dialogue
  • India-UK Financial Market Dialogue
  • India-UK Financial Partnership (forum for financial services cooperation)
  • Organising dedicated sessions on financial markets in bilateral Finance Dialogue
  • Nodal point for monitoring and improving Financial Development Index
  • Interactions with financial analysts and economists in Financial Markets
  • Negotiations pertaining to Financial Services under Free Trade Agreements
  • Various Issues concerning bilateral and international cooperation in financial services
  • Institutions: Nil
  • External Territorial Charge: Nil
  • Ministries/Departments: Nil
  • States: Nil
  • Legislations: Nil

Name and designation of officers

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