Manoj Yadav mumbai

IRDAI Chairman Ajay Seth on Friday called for tackling regulatory overlaps and gaps in the world’s fastest growing economy. India continued to be the fastest-growing major economy despite a challenging global economic environment. Speaking at the 10th edition of the Corporate Governance summit, “Gatekeepers of Governance” here, Ajay Seth said, time is ripe for regulators and the government to work together, address various complex challenges and develop a comprehensive and consistent framework to identify, assess financial risks, and take appropriate measures to achieve sustainable development.

He said an inter-regulatory forum and a basic, shared programme—would cut down on duplicate rules and get everyone on the same page when it comes to codes of conduct. With fintech, non-bank brokers, and homegrown financial institutions playing a bigger role, Seth advocated for a clear, united system that sets the ground rules for participation, investment, and cyber safety. As technology and business models keep racing ahead, speakers at the event said the problem of overlaps and gaps exists. Fixing it needs constant attention and teamwork.

J Swaminathan, Deputy Governor at the RBI, pointed out that while organisations keep updating their rulebooks and going digital, none of that matters if their intentions aren’t solid. “Weak intent can’t close governance gaps,” he said, urging companies to build cultures that actually value ethics, risk awareness, and accountability. If two activities carry the same risks, they should play by the same rules.” He called for outcome-based regulation that can keep up with the way markets really work now.

S. Ramann, Chairman of PFRDA, zeroed in on the risks around new fintech models and small online platforms that lend without proper risk checks. “Regulatory gaps hit consumers directly,” he warned. When the right processes aren’t in place, bad things happen. He also called for better alignment between old and new pension schemes, and more coordination among regulators to keep the system from splintering.