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CS Executive · Setting Up of Business, Industrial and Labour Laws · Financial Services Organization

Under section 45Y of the RBI Act, 1934, who may make a reference to the Joint Committee on a difference of opinion over a hybrid instrument involving insurance?

The Governor of RBI, or the heads of IRDAI, SEBI or PFRDA, may make the reference. Section 45Y(3) gives this power to those Joint Committee members; the DFS Secretary is merely convener and policyholders cannot refer.

  1. AThe Secretary, Department of Financial Services, as convener
  2. BAny policyholder affected by the instrument
  3. CThe Governor RBI, or the heads of IRDAI, SEBI or PFRDACorrect
  4. DThe Secretary, Department of Economic Affairs only

Explanation

Section 45Y(3) allows any Member who is the Governor RBI or the Chairperson of IRDAI, Chairman of SEBI or Chairperson of PFRDA to make a reference. The Secretary DFS is only the convener of meetings, and policyholders have no such right.

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