Sebi, RBI meet was to get updates of financial sector: FM

After meeting with Sebi and the governor and deputy  governor of the RBI, earlier on Saturday in Mumbai, finance minister P Chidambaram addressed mediapersons that the government is committed to channelise savings into financial instruments and to regulate financial markets and investments. The finance minister also said that industry feedback indicated that economic situation is challenging.

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The finance minister said that this was the first of many more visits to the financial capital to interact with market participants and regulartors. "The financial markets signal the health of the economy. So, they must function well and be regulated properly." 
Chidambaram highlighted that industry quite supportive of the government measures taken so far and that measures have received positive response.
The finance minister clarified on the flash crash on the Nifty on Friday and that the incident is being investigated by NSE and Sebi will take appropriate steps. Chidambaram explained that he had been made to understand there was no systemic risk after the flash crash.
The finance minister added that though he did not participate in the meeting of the Sebi board, but he did interact with the members of the board. Also Read: Not enthused by Sebi announcements: Experts
"Inflation is a concern," he affirmed. "Some steps that the government will cause immediate rise in inflation, but it will come down in six-to-eight weeks," he added.
 Chidambaram also clarified that the government would like a resolution of pending and anticipated tax disputes.