Investor Corner/Money matters beyond investing/Practical & Operational
4.1.8 Who Regulates What: SEBI, RBI, AMFI and IRDAI
SEBI regulates markets and mutual funds, RBI regulates banks and monetary policy, AMFI is the mutual fund industry's own self-regulatory body, and IRDAI regulates insurance. Each has a distinct, non-overlapping role.
Four different bodies, four different jobs
The Securities and Exchange Board of India oversees stock exchanges, mutual funds, brokers and listed companies, and is the primary regulator most of this series has referred to. The Reserve Bank of India sets monetary policy, regulates banks and non-banking financial companies, and oversees instruments like fixed deposits and PPF. AMFI is an industry association for mutual fund AMCs, not a government regulator, but it plays a genuine role in setting distributor standards and investor education. IRDAI regulates insurance companies and products, including term insurance and ULIPs.
Why knowing which body covers what actually helps
If a genuine complaint or query relates to a mutual fund, SEBI's investor grievance system is the correct route. If it relates to a bank deposit, RBI's channels apply instead. If it relates to an insurance policy, IRDAI is the relevant body. Approaching the wrong regulator wastes time that could otherwise go toward actually resolving the issue.
A quick way to keep the four straight
SEBI covers markets and mutual funds, RBI covers banks and monetary policy, AMFI covers the mutual fund industry's own internal standards, and IRDAI covers insurance. Almost everything discussed elsewhere in this series ultimately traces back to one of these four.
How PriLytics helps. Whichever regulator's products you hold, PriLytics brings mutual funds, deposits, NPS, PPF and more together into one consolidated, accurate view. See your whole portfolio.