FSLRC to submit final report on Friday

“The FSLRC will be giving its final report to finance minister P Chidambaram on March 22,” confirmed an official source. The Commission,led by former Supreme Court judge BN Srikrishna was set up to review and rewrite the numerous legislations and financial sector regulations into one single law that would be in tune with the modern business environment.

In October last year,it had also released an Approach Paper suggesting “a tentative framework on the legal-institutional structure required for the Indian financial sector in the medium to the long run”.

“The final report will deal with the comprehensive law for the financial sector taking forward the broad recommendations of the Approach Paper,” the source said.

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A key recommendation of the FSLRC in the Approach Paper was to review the current regulatory architecture that consists of sector regulators including the Reserve Bank of India,market regulator Sebi,the Insurance Regulatory and Development Authority as well as the interim pension regulator PFRDA.

The FSLRC had argued that they be replaced by seven new regulatory agencies – the central bank as the monetary authority,a unified regulator for the rest of the financial sector,a deposit insurance and resolution agency,a public debt management agency,financial redressal agency,financial sector appellate tribunal and giving statutory status to the existing Financial Stability and Development Council (FSDC).

Chidambaram in the Union Budget 2013-14 has already announced the government’s intention to review and act quickly on the final recommendations of the FSLRC to ensure that the financial sector “stands on sound legal foundations and remains well-regulated,efficient and internationally competitive”.

Additionally,he has also proposed to set up a Standing Council of Experts in the finance ministry that would periodically analyse the international competitiveness of the Indian financial sector.