Government of India Volume I: Analysis and Recommendations

19.4. Issues for discussion with experts and stake-holders
General
ANNEXES
◮ Strengths and limitations of the existing statutory framework of financial sector regulation
and development
◮ Strengths and limitations of the current regulatory-organisational structures
◮ Capability of the Indian institutional architecture to address issues emerging from
financial sector developments globally
◮ Adequacy of the consumer protection and investor grievances mechanisms embedded
in the current framework
◮ Relevance of regulatory-architectural changes in advanced jurisdictions post-global
crisis to India
◮ Mechanism for removing/reducing conflicts of interests in the current financial structure
◮ Any other suggestions
Additional questions/issues on the basis of domain expertise of the
invitee
◮ Can regulation reduce the growing disenchantment with financial market adventures?
◮ Specific issues relating to the banking sector.
◮ Is a principle based approach (PBA) still a way forward? If so, is it possible to implement
a PBA with limited regulatory capabilities? How to negotiate the transition
phase in case of adopting a new institutional architecture?
◮ How does and how far the Competition Act address issues relating to customer
grievances at the micro level? What are the institutional linkages available in the
current customer/investor grievance redressal mechanism (including Consumer
Protection Act) in promoting micro level customer satisfaction?
◮ What is the extent of institutionalised interface between the Competition Commission
and the sectoral regulators? What mechanisms are in place or proposed to
enhance the co-operation mechanism?
◮ How to balance the provisions in the Competition Act in respect of mergers vis a
vis financial sector regulatory decisions based on expedient financial stability reasons?
◮ What is the experience with respect to implementation of Consumer Protection Act
in achieving customer satisfaction? How far is it successful in resolving customer /
investor grievances arising from the financial sector?
◮ What are the constraints for developing a national common market for commodities
and spreading commodity derivatives throughout the country?
◮ How do you visualise the linkages between commodity derivatives market and
other financial sector markets? Can they function independently in a completely
integrated, globalised financial framework?
162 FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION