The government and the financial sector regulators are keeping close tabs on the evolving Russia-Ukraine situation, high crude oil prices and the extreme volatility in financial markets, Finance Minister Nirmala Sitharaman said on Tuesday, ruling out any extraordinary or special measures to cope with the implications of these headwinds.
Ms. Sitharaman said she is studying the facts of the governance fiasco at the National Stock Exchange (NSE) to assess whether adequate regulatory action was taken by the stock market regulator in the case. She was unfazed about the volatility in equity markets affecting the prospects for the listing of the Life Insurance Corporation of India (LIC) shares before the end of the current financial year in March.
India was hoping for a diplomatic resolution of the Ukraine crisis and the External Affairs Ministry was in touch with all countries in the region so that Indian trade was not affected, Ms. Sitharaman said after steering the 25 th meeting of the Financial Stability and Development Council in Mumbai with the chiefs of financial sector regulators overseeing banking, capital markets, insurance and pensions.
