Mumbai, May 4: It's convergence time for the regulatory authorities. Five regulators - the Department of Company Affiars (DCA), Registrar of Companies (ROC), Company Law Board (CLB), Securities & Exchange Board of India (Sebi) and the RBI - will synergise its activities, secretary of Department of Company Affairs (DCA) PL Sanjeev Reddy said on Thursday in Mumbai.The coordination process has already been initiated, Reddy said. However, he did not specify the time-frame within which it will be completed.
Professional bodies like ICAI, ICWA and Institute of Company Secretary - who too are in the process of being brought under one roof - will provide the necessary assistance to these regulatory authorities.
CLB's role earlier was restricted to restructuring the repayment on fixed deposits defaults, without having the teeth to initiate actual recovery, Reddy said.
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