Mumbai, Aug. 7 (PTI): In view of a series of chit fund frauds, financial regulators today decided to set up a separate forum for co-ordination and sharing information to rein in such schemes.

The Financial Stability and Development Council (FSDC) meeting, held amid concerns over the macro-economic situation and a sharp slide in the rupee, “reviewed the potential risks to stability of the domestic financial system”, the Reserve Bank said in a late evening statement.

After a meeting of the sub-committee of the FSDC, the RBI said, “It was resolved to set up a forum for inter-agency co-ordination and exchange of information about collective investment schemes.”

The move follows many recent scams, notably Saradha chit fund scheme in Bengal, where investors are said to have lost thousands of crores.

The meeting, chaired by RBI governor D. Subbarao, was attended by chiefs of markets regulator Sebi, insurance watchdog IRDA and pension fund regulator PFRDA.

Raghuram Rajan, RBI governor-designate and the chief economic adviser to the finance minister, and economic affairs secretary Arvind Mayaram were also present.