Indian Discussion Forum

India today said there is an urgent need to develop a better system of surveillance and regulation to detect early signs of systemic financial and economic imbalances and address them effectively in a timely manner.

"There should be a better and more transparent regulatory mechanism for banks, financial institutions and capital markets as well as a stronger voice for developing countries," Minister of State for External Affairs Shashi Tharoor said.

These reforms would also help in a more effective and less market-driven approach to raise the economic standards of the poorer sections of the international community, he told a conference organised by Indo-Arab Economic Cooperation Forum.

Tharoor said the "comprehensive overhaul" of the international financial institutions should take place without any delay to make them more equitable, accountable, transparent and effective.