‘Non-legislative FSLRC steps possible before polls’
12 Jan 2014 10:42 PM GMT
In its report, the Financial Sector Legislative Reforms Commission (FSLRC) has recommended sweeping changes to the way financial sector is regulated in the country, including in areas ranging from banking and insurance to capital markets, among others. While not much progress has been made towards implementing the recommendations made in this report, which was submitted to the government in March last year, Finance Ministry has now called for early implementation of the non- legislative proposals contained therein.
‘ ... The legislative part of FSLRC cannot be done right now (and) it has to wait for the next government, but the non-legislative part can be implemented as some of them are more about procedures and principles,’ Sebi Chairman Sinha told reporters here on the sidelines of an ANMI function.
The Commission was constituted in March 2011 to review and rewrite the legal institutional framework of financial sector laws and it was headed by retired Supreme Court judge B N Srikrishna. Earlier this week, the finance ministry asked regulators to voluntarily implement the non-legislative recommendations of FSLRC, while issuing a 'guidance handbook' on this matter. ‘Sebi is keen on implementing basic principles of the recommendations by FSDC,’ Sinha said.
He hailed the proposal to usher better regulation with less norms. Finance Minister P Chidambaram said recently that India is in the process of deepening financial sector policy reforms. ‘Financial inclusion remains a very high priority for us. We had constituted the FSLRC to review and rewrite the legal-institutional framework of Indian financial sector laws,’ he said.
‘ ... The legislative part of FSLRC cannot be done right now (and) it has to wait for the next government, but the non-legislative part can be implemented as some of them are more about procedures and principles,’ Sebi Chairman Sinha told reporters here on the sidelines of an ANMI function.
The Commission was constituted in March 2011 to review and rewrite the legal institutional framework of financial sector laws and it was headed by retired Supreme Court judge B N Srikrishna. Earlier this week, the finance ministry asked regulators to voluntarily implement the non-legislative recommendations of FSLRC, while issuing a 'guidance handbook' on this matter. ‘Sebi is keen on implementing basic principles of the recommendations by FSDC,’ Sinha said.
He hailed the proposal to usher better regulation with less norms. Finance Minister P Chidambaram said recently that India is in the process of deepening financial sector policy reforms. ‘Financial inclusion remains a very high priority for us. We had constituted the FSLRC to review and rewrite the legal-institutional framework of Indian financial sector laws,’ he said.
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