Financial Sector Legislative Reforms Commission Website..

The commission was announced in Union Budget Speech 2010-11 (26-Feb-10):

Most of our legislations governing the financial sector are very old. Large number of amendments to these Acts made at different points of time has also increased ambiguity and complexity. The Government proposes to set up a Financial Sector Legislative Reforms Commission to rewrite and clean up the financial sector laws to bring them in line with the requirements of the sector.

FSLRC  was established on 24-Mar-11.

Ajay Shah informs that FSLRC website was launched recently:

The Finance Minister announced the formation of the Financial Sector Legislative Reforms Commission (FSLRC) during his Budget speech of 2011-2012 to rewrite and harmonize financial sector legislations, rules and regulations. This had become necessary as the institutional framework governing India’s financial sector was built over a century. The Resolution notifying the FSLRC was issued by the Government on 24 March 2011. The FSLRC is required to submit its findings within a period of 24 months.

I was just scanning the website and it is still very raw. However, the various working groups  are made.

Terms of References of each WG is pretty interesting. For instance I just came to know 19 Acts apply to Indian Banking sector as given in Working Group on Banking!
See the TORs of all the Working Groups. Nice agendas…
And the way we have recently been reshaping our laws..a huge task is in the hands of the commission..


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