What is the full form of FSDC?

a. Financial Security and Development Council

b. Financial Stability and Development Council

c. Financial Security and Development Convention

d. Fiscal Stability and Development Council

ANSWER: Financial Stability and Development Council

Explanation:

Financial Stability and Development Council is an apex-level body constituted by the Government of India.

The idea to create such a super regulatory body was first mooted by the Raghuram Rajan Committee in 2008.

In 2010, the then Finance Minister of India, Pranab Mukherjee, decided to set up such an autonomous body dealing with macro prudential and financial regularities in the entire financial sector of India.

Composition of the Council

Chairperson : The Union Finance Minister of India.

Members :

Governor - Reserve Bank of India (RBl),

Finance Secretary - Department of Economic Affairs (DEA),

Secretary - Department of Financial Services (DFS),

Chief Economic Advisor - Ministry of Finance,

Chairman - Securities and Exchange Board of India (SEBI),

Chairman - Insurance Regulatory and Development Authority (IRDA),

Chairman - Pension Fund Regulatory and Development Authority (PFRDA),

Chairman - Forward Markets Commission (FMC).

Recently Forward Markets Commission (FMC) has been merged into SEBI.