Finance Minister Arun Jaitley says government will implement a large number of FLSRC recommendations
Shri Arun Jaitley, Union Minister for Finance, Corporate Affairs and Information & Broadcasting addressing the National Seminar on “Indian Financial Code” Recommended by Financial Sector Legislative Reforms Commission in Mumbai on Saturday, November, 29.2014.
The Union Finance Minister, Shri Arun Jaitley has said that the government will soon implement a large number of legislative and administrative recommendations of the Financial Sector Reforms Commission (FSLRC), which had suggested a major overhauling of financial sector regulations. “As the change in process of reform continues … I have not the least doubt that a large number of these (FSLRC) recommendations will actually see implementation in the days to come,” he said in his address at the National Seminar on “Indian Financial Code”recommended by the Financial Sector Legislative Reforms Commission (FSLRC).
Shri Jaitely said that the Financial Sector Legislative Reforms Commission (FSLRC), chaired by Justice B N Srikrishna, has suggested a non-sectoral, principle-based approach to revamp the existing framework. Among various suggestions, the FSLRC has suggested creation of a unified financial sector regulator comprising SEBI, IRDA, FMC and part of RBI.
Shri Arun Jaitley, Union Minister for Finance, Corporate Affairs and Information & Broadcasting the National Seminar on “Indian Financial Code” Recommended by Financial Sector Legislative Reforms Commission in Mumbai on Saturday, November, 29.2014. Justice B.N. Srikrishna, Chairman, FSLRC was also present on the occasion.
He informed that 4 different groups are studying the report and the implementation of the suggestions would require legislative as well as administrative changes. Jaitley said: “Some legislative changes will also be required. I think with a combination of these administrative and legislative changes, the professional regulatory mechanism will come to stay”.
Hon’ble Justice Shri B.N Srikrishna, Former Judge , Supreme Court of India and Chairman of the FSLRC, in his Address as the Guest of Honour, gave an overview of Indian Financial Code briefed about the series of financial sector reforms since 1992. He said that FSLRC, which submitted its report to the government in March last year, has also given a draft legislation for putting in place an Indian Financial Code (IFC). He also said FSLRC had recommended the scrapping of some 23 redundant laws of over 60 in operation now. He also set forth 9 components that had to be addressed by the financial legal framework i.e. consumer protection, micro-prudential regulation, resolution, capital controls, systemic risk, development and redistribution monetary policy, public debt management and contract, trading and market abuse.
CS R. Sridhraran , President, The Institute of Company Secretaries of India and Shri Ashish kumar Chauhan, Managing Director and CEO, BSE Limited also addressed the gathering.
A number of prominent financial market leaders and company Secretaries were present at the seminar.