Government of India Volume I: Analysis and Recommendations

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ACRONYMS FSAT Financial Sector Appellate Tribunal FSA Financial Services Authority FSDC Financial Stability and Development Council FSLRC Financial Sector Legislative Reforms Commission FVCI Foreign Venture Capital Investor GDP Gross Domestic Product GIC General Insurnace Council GOI Government of India HR Human Resources IBA Indian Banks’ Association IMF International Monetary Fund IRA Independent Regulatory Agency IRA Independent Regulatory Agency IRDA Insurance Regulatory and Development Authority KYC Know Your Customer LIC Life Insurance Corporation MCA Ministry of Company Affairs, Government of India MD Managing Director MPC Monetary Policy Committee NABARD National Bank for Agriculture and Rural Development NBFC Non-Banking Financial Company NCDRC National Consumer Disputes Redressal Commission NHB National Housing Bank NOHC Non-Operating Holding Company NPA Non Performing Asset NPS New Pension System NSSF National Small Savings Fund OTC Over The Counter PDMA Public Debt Management Agency PFRDA Pension Fund Regulatory and Development Authority PPF Public Provident Fund PSB Public Sector Bank PSU Public Sector Undertaking QFI Qualified Foreign Investor QIB Qualified Institutional Buyer RBI Reserve Bank of India RDDBFI The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 ROC Registrar of Companies RRB Regional Rural Bank RTI Right to Information SARFAESI The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act SAT Securities Appellate Tribunal SBI State Bank of India SEBI Securities and Exchange Board of India SEC US Securities and Exchange Commission SIFI Systemically Important Financial Institution SLR Statutory Liquidity Ratio SOP Standard Operating Procedure TOR Terms of Reference UCB Urban Cooperative Bank vi FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION
ACRONYMS UFA Unified Financial Agency UIDAI Unique Identification Authority of India UK FSMA 2000 UK Financial Services and Markets Act, 2000 UK United Kingdom ULIP Unit Linked Insurance Plan UPSC Union Public Service Commission US United States WG Working Group WOS Wholly Owned Subsidiary FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION vii
Page 1: Government of India _______________
Page 5 and 6: Contents Acronyms . . . . . . . . .
Page 7: CONTENTS 12 Public debt management
Page 13 and 14: Acknowledgement When the Ministry o
Page 15: ACKNOWLEDGEMENT appreciate the effo
Page 18 and 19: EXECUTIVE SUMMARY rience till date.
Page 20 and 21: EXECUTIVE SUMMARY out many processe
Page 22 and 23: EXECUTIVE SUMMARY can issue regulat
Page 24 and 25: EXECUTIVE SUMMARY Alongside this, i
Page 26 and 27: EXECUTIVE SUMMARY to analyse one co
Page 28 and 29: Contracts, trading and market abuse
Page 30 and 31: 5. A new Financial Redressal Agency
Page 32 and 33: EXECUTIVE SUMMARY States GDP as of
Page 34 and 35: 1.2. Deliberations in the Commissio
Page 36 and 37: INTRODUCTION amendments frequently
Page 38 and 39: INTRODUCTION sectoral composition o
Page 40 and 41: INTRODUCTION The Commission has und
Page 43 and 44: CHAPTER 2 The tasks of financial la
Page 45 and 46: THE TASKS OF FINANCIAL LAW This is
Page 47 and 48: THE TASKS OF FINANCIAL LAW ◮ “i
Page 49 and 50: THE TASKS OF FINANCIAL LAW 2.5. Own
Page 51 and 52: THE TASKS OF FINANCIAL LAW desirabl
Page 53 and 54: CHAPTER 3 Structure of the regulato
Page 55 and 56: STRUCTURE OF THE REGULATOR Table of
Page 61 and 62:
CHAPTER 4 Functions and powers of t
Page 63 and 64:
FUNCTIONS AND POWERS OF THE REGULAT
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73:
Page 76 and 77:
CONSUMER PROTECTION The consumer pr
Page 78 and 79:
Table of Recommendations 5.4 Princi
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CONSUMER PROTECTION using or disclo
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CONSUMER PROTECTION providers. The
Page 84 and 85:
CONSUMER PROTECTION Table of Recomm
Page 87 and 88:
CHAPTER 6 Micro-prudential regulati
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MICRO-PRUDENTIAL REGULATION let tha
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MICRO-PRUDENTIAL REGULATION Table o
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Page 95 and 96:
Page 97 and 98:
MICRO-PRUDENTIAL REGULATION PRINCIP
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MICRO-PRUDENTIAL REGULATION the oth
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RESOLUTION payment systems. The cor
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RESOLUTION Commensurately, the corp
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Table of Recommendations 7.3 Intera
Page 108 and 109:
Table of Recommendations 7.5 Powers
Page 110 and 111:
Table of Recommendations 7.7 Fundin
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CHAPTER 8 Capital controls Capital
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CAPITAL CONTROLS 2. Absence of judi
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CAPITAL CONTROLS Table of Recommend
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CAPITAL CONTROLS Table of Recommend
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Table of Recommendations 9.1 Object
Page 124 and 125:
Table of Recommendations 9.3 Establ
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SYSTEMIC RISK filings by financial
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SYSTEMIC RISK Table of Recommendati
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egulatory agencies. In such a situa
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FINANCIAL INCLUSION AND MARKET DEVE
Page 134 and 135:
FINANCIAL INCLUSION AND MARKET DEVE
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Table of Recommendations 11.1 Objec
Page 138 and 139:
Table of Recommendations 11.2 The m
Page 140 and 141:
Table of Recommendations 11.3 Board
Page 143 and 144:
CHAPTER 12 Public debt management 1
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PUBLIC DEBT MANAGEMENT of the publi
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PUBLIC DEBT MANAGEMENT State Govern
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PUBLIC DEBT MANAGEMENT Table of Rec
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CHAPTER 13 Foundations of contracts
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FOUNDATIONS OF CONTRACTS AND PROPER
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Page 159 and 160:
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14.2. Problems of the present arran
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FINANCIAL REGULATORY ARCHITECTURE T
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FINANCIAL REGULATORY ARCHITECTURE w
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TRANSITION ISSUES On the functional
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TRANSITION ISSUES service providers
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SUMMARY OF RECOMMENDATIONS NOT EMBE
Page 177:
CHAPTER 17 Conclusion Financial eco
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18.2. Note of dissent by K.J. Udesh
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18.3. Note of dissent by P.J. Nayak
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NOTES OF DISSENT A second difficult
Page 186 and 187:
NOTES OF DISSENT 6. The present arr
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CHAPTER 19 Annexes 19.1. Formation
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ANNEXES 19.2. List of consultants,
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ANNEXES * Did not participate in th
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ANNEXES 19.5. Interactions with aut
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ANNEXES (c) Examine whether informa
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ANNEXES 2. General development of m
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ANNEXES 19. Role of surveyors: (a)
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ANNEXES 6. The law must provide for
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ANNEXES 31. Resolution of insurance
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ANNEXES 3. As shocks can spread thr
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ANNEXES 19.8.2. Terms of Reference
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ANNEXES (d) The Board of the target
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ANNEXES 2. The PDMA should adopt a
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ANNEXES 3. On the issue of co-opera
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ANNEXES 14. Regulators must look at
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ANNEXES 31. The WG recommends the m
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ANNEXES (b) Efficiency of DRT: Suit
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ANNEXES (c) Pledged shares and exem
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ANNEXES 19.11. Interactions by the
Page 227 and 228:
ANNEXES 19.13. Submissions to FSLRC
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Government of India Volume I: Analysis and Recommendations

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