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FinMin to set up standing council for financial sector laws

Financial sector legislative reforms are back in focus following the multi-crore chit fund scam by the Saradha Group in West Bengal.

Written by Surabhi | New Delhi | Published: April 30, 2013 2:57 am

Financial sector legislative reforms are back in focus following the multi-crore chit fund scam by the Saradha Group in West Bengal.

The finance ministry is likely to soon begin work on setting up the proposed Standing Council of Experts that would examine financial sector laws and give inputs to the government for any changes.

“The report of the Financial Sector Legislative Reforms Commission is under examination. Setting up of the panel is the next logical step,” said a senior official on conditions of anonymity.

As part of the Union Budget 2013-14,finance minister P Chidambaram had proposed setting up a Standing Council of Experts “to analyse the international competitiveness of the Indian financial sector,periodically examine the transaction costs of doing business in the Indian market,and provide inputs to government for necessary action.” The official said the government would soon finalise the terms of reference of the panel and begin the selection process for members and said the process would be completed over the next few months.

The FSLRC led by Justice BN Srikrishna had submitted its report last month and had called for a significant overhaul of the current regulatory framework of the financial sector.

The main focus of the two part report,which also included a draft Indian Financial Code Bill,was consumer protection and interest and Chidambaram had promised quick action on it.

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