Explanation: India has product-wise regulators—Reserve Bank of India (RBI) regulates credit products, savings and remittances;

• the Securities and Exchange Board of India (SEBI) regulates investment products;
• the Insurance Regulatory and Development Authority (IRDA) regulates insurance products;
• and the Pension Fund Regulatory and Development Authority (PFRDA) regulates pension products.
• The Forward Markets Commission (FMC) regulates commodity-based exchange-traded futures (which was merged with the SEBI by late 2015).

Source: TMH Ramesh Singh