The Government has constituted a High-Level Inter-Ministerial Group (IMG) for proper enforcement of regulatory framework for Multi-Level Marketing Companies, Non-Banking Finance Companies and Companies running Collective Investment Schemes, under the Chairmanship of Additional Secretary, Department of Financial Services, Ministry of Finance. The Group consists of Joint Secretary level officers from the Department of Economic Affairs, Ministry of Finance, Department of Revenue, Ministry of Finance and Ministry of Corporate Affairs, and the Joint Secretary level officers from the Reserve Bank of India (RBI) and Securities and Exchange Board of India(SEBI). The Group is expected to strengthen the existing coordination mechanisms for regulation and supervision of financial sector.
The First Meeting of the Inter-Ministerial Group is scheduled for May 16, 2013.