Tuesday, October 2, 2012

Financial Sector Legislative Reforms Commission

The Financial Sector Legislative Reforms Commission(FSLRC), headed by former Justice B. N. Srikrishna suggests key regulators such as the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority (IRDA), the Pension Fund Regulatory and Development Authority (PFRDA) and the Forward Markets Commission (FMC) should be merged into a Unified Financial Agency (UFA).
It also suggested setting up of a financial redressal agency (FRA) to address consumer complaints against companies across the financial sector.
At present, while the stock market is regulated by SEBI, the activities in the commodities market are looked after by the FMC. The insurance sector is regulated by the IRDA, while the PFRDA is responsible for managing the pension sector.
The FSLRC was set up to recast the financial sector legislations in tune with the contemporary requirements of the sector.

Worth reading