FSLRC recommendations will beimplemented soon, says Jaitley The Centre will implement a ‘large number’ of legislative reforms recommended by the Financial Sector Legislative Reforms Commission (FSLRC) ‘in the days to come’, Finance Minister Arun Jaitley said here on Saturday. Mr. Jaitley said a combination of legislative and administrative changes would be required for strengthening the regulatory framework in the financial sector. Four different groups had been set up to examine every aspect of the legislative changes recommended by the Commission. “As the progress of reforms continues, I have not the least doubt that a large number of FSLRC recommendations will actually see implementation in the days to come,” said Mr. Jaitley at a seminar on ‘Indian Financial Code’, organised by the Institute of Company Secretaries of India and the BSE . The Commission, chaired by Justice B. N. Srikrishna, which submitted its report on March 22, 2013, suggested drastic changes to the financial sector’s regulatory architecture. These include putting in place an Indian Financial Code that will replace the bulk of existing laws and creating a single regulator for pension, equity, insurance and commodities markets. It has also proposed to retain the Reserve Bank, but recommended to review its regulatory structure.
Posted on: Sun, 30 Nov 2014 05:15:05 +0000