Former Whole-Time Director
Securities and Exchange Board of India
Prashant Saran has been a financial sector regulator for over three decades. He has worked in three major areas, namely, securities market, banking, and foreign investment. He served as a Whole-Time Member of the Securities and Exchange Board of India from 2009-16, where he was deeply involved in issues pertaining to Investor Education and Investor Protection. He has been instrumental in carrying out far-reaching reforms in Primary Markets and Mutual Funds. He is credited with formulation and acceptance of National Strategy for Financial Education.
Earlier, in his tenure as Chief General Manager In-charge with the Reserve Bank of India where he headed the Department of Banking Operations and Development, Prashant was responsible for regulating commercial banks. In his tenure as a banking regulator, he oversaw the process of implementation of Basel 2 and took the initiative in establishing a modern anti-money laundering regime as well as a system of disseminating credit information. He has also been associated with the opening up of the foreign investment process in the early nineties and helped frame and implement the policies relating to Foreign Direct Investment, Foreign Institutional Investors Investments, and Global Depositary Receipts.
Prashant was intimately involved in the transition from the Foreign Exchange Regulation Act to Foreign Exchange Management Act regime. He represented India in the OECD Committee on Corporate Governance during the 2015-16 revision of Principles of Corporate Governance. Prashant has held memberships of several committees. Currently, he is engaged in offering regulatory advice in the areas of securities market regulations, banking regulations, and FEMA regulations.