The Economics Times and business standard's big accounting news is that The finance ministry has asked market regulator Sebi and insurance watchdog IRDA to deposit their surplus funds with the government account because, both Comptroller and Auditor General (CAG) of India and parliamentary are suggesting to do this.
Benefit of This transfer of this surplus Fund
1. # After this, Rs 1,800 crore of surplus funds generated by financial sector regulators through fees and penalties on companies can be used for developing activities.
2. # More control can be done by public of India.
3. # It will improve the regulators’ accountability.