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Financial Sector Legislative Reforms

The Financial Sector Legislative Reforms Commission (FSLRC) was established in 2011 to review and reform financial sector legislation in India. The FSLRC was tasked with simplifying and rewriting financial market laws, developing common principles for regulatory bodies, and streamlining the regulatory architecture. The FSLRC considered these issues and proposed a new legal and institutional framework, including establishing a Reserve Bank of India, Unified Financial Authority, Financial Sector Appellate Tribunal, and other agencies. The research paper analyzes how the FSLRC reviewed financial sector laws and the proposed new regulatory structure. It hypothesizes that a unified code is needed to regulate the financial sector and promote consumer protection.

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76 views3 pages

Financial Sector Legislative Reforms

The Financial Sector Legislative Reforms Commission (FSLRC) was established in 2011 to review and reform financial sector legislation in India. The FSLRC was tasked with simplifying and rewriting financial market laws, developing common principles for regulatory bodies, and streamlining the regulatory architecture. The FSLRC considered these issues and proposed a new legal and institutional framework, including establishing a Reserve Bank of India, Unified Financial Authority, Financial Sector Appellate Tribunal, and other agencies. The research paper analyzes how the FSLRC reviewed financial sector laws and the proposed new regulatory structure. It hypothesizes that a unified code is needed to regulate the financial sector and promote consumer protection.

Uploaded by

HemantVerma
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NATIONAL LAW INSTITUTE UNIVERSITY

BHOPAL

FINANCIAL SECTOR LEGISLATIVE REFORM COMMISSION

The synopsis of a research paper submitted to National law Institute University, Bhopal
in the Partial fulfillment of the requirement of Degree of Master of Law

Submitted by: - Submitted to:-


Hemant Verma Mr. Amit Pratap Singh
LL.M (2019 LL.M 09)
2nd Trimester
NLIU, Bhopal
INTRODUCTION

The Financial Sector Legislative Reforms Commission (FSLRC) was constituted by the
Government of India, Ministry of Finance, vide a resolution dated 24 March 2011. The
setting up of the FSLRC was the result of a felt need that the legal and institutional structures
of the financial sector in India need to be reviewed and recast in tune with the contemporary
requirements of the sector.

The remit of FSLRC, as contained in its Terms of Reference (ToR), comprises the following:

1. Review, simplify and rewrite the legislations affecting the financial markets in India,
focusing on broad principles.
2. Evolve a common set of principles for governance of financial sector regulatory
institutions.
3. Remove inconsistencies and uncertainties in legislations/Rules and Regulations.
4. Make legislations consistent with each other.
5. Make legislations dynamic to automatically bring them in tune with the changing
financial landscape.
6. Streamline the regulatory architecture of financial markets.

The FSLRC has been deliberating on these issues since April 2011 both internally and
through consultation/interaction with a wide spectrum of experts and stakeholders. This
Approach Paper is the outcome of these deliberations and substantive research work. It shows
the contours of the legal-institutional framework that the FSLRC may recommend. It is a
provisional document, and the thinking of FSLRC will evolve in coming months, utilising
various inputs including the analysis of this document in the public domain.

Proposed agencies are as followed:

1. Reserve Bank Of India


2. Unified financial Authority
3. Financial Sector Appellate Tribunal
4. Resolution Corporation
5. Public Debt Management Agency
6. Financial Stability and Development Council
7. Financial Redress Agency
RESEARCH QUESTIONS

1. How FSLRC has reviewed and rewritten the financial sector legislation reform?
2. Analysis of function and overview of FSLRC ?
3. Comparison of with USA system ?

STATEMENT OF PROBLEM

The current regulatory authority architecture is fragmented and is fraught with regulatory
gaps, overlaps, inconsistencies and arbitrage.

HYPOTHESIS

It appears that there is a need for unifies code to regulate the financial sector and promote
consumer protection.

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