Panel reviews market to deal with global turmoil

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A high-level meeting of financial market regulators reviewed the preparedness of India to deal with challenges arising from ongoing global financial turmoil, which has already taken a toll on several American and European banks and pulled down the stock markets world over.

The High-Level Coordination Committee on Financial Markets (HLCCFM) chaired by RBI Governor D Subbarao "reviewed...the preparedness of all regulators to act in a coordinated and timely manner to deal with the emerging market situation in order to ensure continued smooth functioning of the markets", said a central bank release.

The HLCCFM, which met on Wednesday in the backdrop of global financial turmoil, was attended by Finance Secretary Arun Ramanathan, Economic Affairs Secretary Ashok Chawala, Sebi Chairman C B Bhave, PFRDA Chairman D Swarup and IRDA Member C R Muralidharan.

Among other things, the high-level committee also discussed the recent developments in the domestic financial markets in the wake of the global financial markets.

The Bombay Stock Exchange benchmark index, which touched a high of about 21,200 in January, slipped to less than 13,000 earlier in the week. The trading on bourses on certain days was also marked by excessive volatility.