After interacting with industry and financial market functionaries on Monday, Finance Minister Nirmala Sitharaman chaired the FSDC meeting and met bankers on the second day of her Budget 2022 outreach visit to Mumbai.

During a press conference, the FM said the impact of the escalating tensions between Russia and Ukraine on trade was yet to be felt. "We will be careful that our exporters don't suffer," she said.

She also spoke on the vacant chairman spot at the IRDAI, on SEBI chief appointment and the NSE colocation case, among other issues.

On IRDAI, SEBI heads

On IRDAI chief, Sitharaman said: "I share the concern of not having a chairman at IRDAI. Will soon decide on the appointment of IRDAI chairman." The previous chief of the insurance regulatory authority retired in May 2021.

"The process for calling applications for SEBI chief has already happened," Sitharaman said. "Will have to wait till February 28 to know on SEBI chief position." In 2017, Ajay Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was given a five-year term as SEBI chairman. His extended term ends on February 28, 2022.

On NSE saga

The FM refused to make any comment on whether adequate correctional steps were taken against those held responsible in the National Stock Exchange colocation case. Before the press conference, Sitharaman had said that the NSE case was a classic example of "absolutely opaque, discretion-based decision making, beyond the realm of law and governance". She has said the government is in the process of examining whether the Securities and Exchange Board of India (SEBI) took adequate steps in the NSE case.

Privatisations

Sitharaman said the government was on course and moving forward with privatisation plans. Se said she had elaborate interactions with banks and secretaries of the Department of Financial Services and the Department of Economic Affairs.

"We have been on course with respect to bank and insurer privatisation. The question last year was around the privatisation of Air India," the finance ministry said. "Now that the LIC DRPH is out, there's a lot of buzz around the IPO. We will be going ahead with LIC IPO in the current financial year."

GST

On GST, the FM said: "There is no adversarial relationship between states and the centre in the GST Council." As per the GST Act, 14 percent compensation was to be given for five years to states which were extended. She said she had no comment on whether compensation cess would be extended further or at what rate.

(Edited by : Amrita Das)