Recommendations of FSLRC; Revamping the Legislative Framework Governing the Financial Sector

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Recommendations of FSLRC; Revamping the Legislative Framework Governing the Financial Sector
News and Press Release
Dated:- 8-8-2014

The Financial Sector Legislative Reforms Commission (FSLRC) has recommended revamping the legislative framework governing the financial sector by a non-sectoral, principle-based approach and restructuring existing regulatory agencies and creating new ag .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... encies wherever needed. The FSLRC has given a draft legislation namely Indian Financial Code as Volume-II of its report. The basic approach of the FSLRC is to provide clear mandate and powers and mechanism for accountability to financial agencies. The tasks/mandate are consumer protection, prudential regulation, resolution mechanism, capital controls, systematic risk, financial inclusion and marke .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t development, and monetary policy which need to be addressed in a non-sectoral manner. The FSLRC recommended a seven agency structure for the financial sector which are the Reserve Bank of India (RBI), Unified Financial Agency (UFA), Financial Sector Appellate Tribunal (FSAT), Resolution Corporation (RC), Financial Redressal Agency (FRA), Financial Stability and Development Council (FSDC) and Pub .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lic Debt Management Agency (PDMA). The FSLRC Report has been examined by the Government. Broadly, recommendations of the FSLRC can be divided into two parts, legislative aspects and non-legislative aspects. The non-legislative aspects of the recommendations are relating to governance enhancing measures on consumer protection and greater transparency in the functioning of financial sector regulato .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... rs; and the same has been accepted and is being implemented by all regulators on a voluntary basis. The legislative recommendations relate to re-writing the laws using a principle based approach, restructuring existing regulatory agencies and creating new agencies. Implementation of these recommendations would require wider consultations with stakeholders. This information was given by the Minist .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... er of State for Finance, Smt. Nirmala Sitharaman in written reply to a question in Lok Sabha today.
News - Press release - PIB .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X