Parliamentary Panel Quizzes Corporate Affairs Ministry On Funding, Track Record Of Regulators
Date
10/9/2024 9:00:23 PM
(MENAFN- Live Mint) New Delhi: The Parliamentary committee on finance has asked the Ministry of corporate affairs to explain a drop in funding for some regulators in the revised estimates for FY24. It has also sought information on the track record of regulators in handling cases and the status of executing policy announcements made by the government, two persons aware of the development said.
The panel, led by Bhartiya Janata Party's MP Bhartruhari Mahtab, has given the ministry time till 11 October to furnish the information before a hearing is given to officials to discuss the matter, the persons said.
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The move is part of the panel's examination of the demands for grants of the ministry of corporate affairs for 2024-25 and will form the basis for a report to be tabled in Parliament, said one of the two persons quoted above.
The communication seeking details of the funding for regulators and their performance came from the Lok Sabha secretariat's branch dealing with the panel.
The panel wanted to know the share of successful prosecutions among the total number of cases investigated by the Serious Fraud Investigation Office (SFIO) and the steps planned for improving the track record.
The ministry's latest annual report said the SFIO has filed 56 cases in various forums from January 2023 to end of March 2024.
Pendency details sought
The committee sought details of pending cases with Competition Commission of India (CCI) in the last three years, the reason for pendency and steps taken to lower this.
As per data available with the competition regulator, it disposed of 39 cases of anti-competitive conduct in FY23 and 23 were pending at the end of the year. It took about 21 days on an average to dispose of requests for merger approvals.
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