Jay Surti

Jay Surti heads the IMF’s Financial Supervision & Regulation division, holding responsibility for management and execution of the IMF’s work program in these areas, covering policy, surveillance, and capacity development. His previous responsibilities at the IMF include management of the work program on supervision and regulation of NBFI and capital markets; leading the thematic chapters of the Global Financial Stability Report; and as advisor to the IMF’s Financial Counsellor, the coordination of his work program and outreach. He has participated in several FSAPs, including as the IMF mission chief for the 2024 Spain FSAP and the 2018 Tanzania FSAP. Jay represents the IMF at the FSB’s Standing Committee on Standards Implementation and IOSCO's Commitee on Emerging Risks. During 2018-20, on leave from the IMF, Jay served as special advisor to the Governor of the Reserve Bank of India, advising top management there on macro-financial stability and financial supervision issues. Jay holds a Ph.D. in economics from Boston University.

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Contents

• Explainer: Five Megatrends Shaping the Rise of Nonbank Finance
  • Published: September 29, 2025
  • Authors: Jay Surti
  • Summary: Half of all financial assets worldwide are now held and intermediated by companies that are not classified and regulated as banks
• Financial Stability Needs Supervisors With the Ability and Will to Act
  • Published: September 18, 2023
  • Authors: Tobias Adrian, Fabiana Melo, Marina Moretti, Jay Surti
  • Summary: Supervisors in many countries face conditions that limit their effectiveness. Raising the bar requires independence with clear mandates, enhanced powers, greater resources, and more effective approaches.
• Capital Markets Regulation Is Stronger, but Some Gaps Still Must be Closed
  • Published: June 29, 2022
  • Authors: Tobias Adrian, Jay Surti
  • Summary: Countries have made substantial progress toward implementing capital markets regulatory reform, but important gaps remain and new challenges have raised the bar.
• To Safeguard Global Financial Stability, Boost the Resilience of Investment Funds
  • Published: September 17, 2021
  • Authors: Tobias Adrian, Antonio Garcia Pascual, Ranjit Singh, Jay Surti
• How Policy Makers Can Better Predict a Downturn – and Prepare
  • Published: October 3, 2017
  • Authors: Claudio Raddatz Kiefer, Jay Surti
• How an Extended Period of Low Growth Could Reshape the Financial Industry
  • Published: April 6, 2017
  • Authors: Gaston Gelos, Jay Surti

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Source: https://www.imf.org/en/blogs/authors/jay%20surti