On the other hand, the broad understanding from macroprudential regulation has been effective in instituting prudential safeguards at the micro institution level. 27. Even as the Reserve Bank has implicitly been the systemic regulator in India, financial stability cannot be its exclusive responsibility.
Other financial sector regulators such as the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority (IRDA) and the Pension Funds Regulatory and Development Authority (PFRDA) too have important responsibilities. Beyond the regulators, the crisis has demonstrated the importance of the coordinating role the Government has to play, especially in crisis times. 28.