New Delhi, July 24 -- The Parliamentary Standing Committee on Finance has recommended a clearer division of regulatory responsibilities between the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), stating that the proposed Securities Markets Code, 2025 should explicitly define oversight roles to avoid overlap and uncertainty.

In its report tabled in Parliament on Thursday, the committee noted that India's financial system includes entities engaged in activities regulated by multiple authorities. It recommended that regulatory jurisdiction be determined by the nature of the activity rather than the identity of the entity, ANI reported.

"The Committee further recommend that the revised provisions clearly ...