Financial Stability and Development Council, or FSDC, is the apex body of sectoral regulators. The Raghuram Rajan Committee (2008) on financial sector reforms had first proposed setting up of FSDC. The council is headed by the Finance Minister and includes heads of all financial sector regulators such as RBI and SEBI. Members also include the finance secretary, economic affairs secretary, financial services secretary and the chief economic adviser. The council is set up to strengthen financial sector stability and enhance inter-regulatory coordination. It also aims to supervise the functioning of the economy and large financial conglomerates.