FED may get more powers – to protect the stability of the System
The US Federal Reserve is to get authority to examine the workings of a wide range of companies in an attempt to address one of the key failures that led to the financial crisis, according to a report in the Washington Post yesterday. An abundance of federal agencies regulate the financial industry. But no agency is responsible for understanding or containing risks affecting the financial system as a whole. In fact, none even has a complete picture of the financial markets.
Don't we need some such thing in India – SEBI is yet to get to Ramalinga Raju.
Incidentally Satyam's Balance Sheet for 2007-08 shows an Income of Rs. 61.04 Crores from Tax Deducted at Source. (Schedules annexed to and forming part of the Profit & Loss Account -12. Other Income). Did the Income Tax Department get this?