Government of India Volume I: Analysis and Recommendations

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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
ANNEXES 19.5. Interactions with authorities overseas Australia Treasury - Mr. Bill Shorten, Minister Mr. Mike Callaghan, Executive Director Mr. Rob Nicholl, CEO, Debt Management Office Australian Prudential - Dr. John Laker, Chairman Regulatory Authority (APRA) Dr. Jeff Carmichael, Wallis Inquiry Member and Inaugural Chairman of APRA Financial Sector Advisory Council (FSAC) - Mr. Paul Binsted, Chairman Reserve Bank of Australia (RBA) - Mr. Glenn Stevens, Governor ASIC - Mr. Greg Medcraft, Chairman Singapore Monetary Authority of Singapore - Mr. Ravi Menon, Managing Director and senior management team United Kingdom The Treasury - Mr. Mark Hoban, Financial Secretary Financial Services Authority (FSA) - Mr. Hector Sants, CEO Mr. Lyndon Nelson, Director Prudential Regulatory Authority (PRA) Transition Team Financial Markets Law Committee (FMLC) - Ms. Sarah Breeden, & Mr. Gregory Stevens - Lord Hoffman, Chairman British Bankers’ Association (BBA) - Ms. Sally Scutt, Deputy CEO Prof. Charles Goodhart - LSE Prof. and Director of Financial Regulation Research Programme Financial Sector Practitioners’ Panel - Chairman Russell Collins UK Debt Management Office - Mr. Robert Stheeman, CEO and Mr. James Knight International Centre for Financial Regulation - Ms. Barbara Ridpath, CEO City of London Roundtable - Stuart Fraser, Mark Boleat and Representatives from financial markets FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION 163
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Government of India _______________
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Contents Acronyms . . . . . . . . .
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CONTENTS 12 Public debt management
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ACRONYMS FSAT Financial Sector Appe
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Acknowledgement When the Ministry o
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ACKNOWLEDGEMENT appreciate the effo
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EXECUTIVE SUMMARY rience till date.
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EXECUTIVE SUMMARY out many processe
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EXECUTIVE SUMMARY can issue regulat
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EXECUTIVE SUMMARY Alongside this, i
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EXECUTIVE SUMMARY to analyse one co
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Contracts, trading and market abuse
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5. A new Financial Redressal Agency
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EXECUTIVE SUMMARY States GDP as of
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1.2. Deliberations in the Commissio
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INTRODUCTION amendments frequently
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INTRODUCTION sectoral composition o
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INTRODUCTION The Commission has und
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CHAPTER 2 The tasks of financial la
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THE TASKS OF FINANCIAL LAW This is
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THE TASKS OF FINANCIAL LAW ◮ “i
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THE TASKS OF FINANCIAL LAW 2.5. Own
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THE TASKS OF FINANCIAL LAW desirabl
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CHAPTER 3 Structure of the regulato
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STRUCTURE OF THE REGULATOR Table of
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CHAPTER 4 Functions and powers of t
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FUNCTIONS AND POWERS OF THE REGULAT
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CONSUMER PROTECTION The consumer pr
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Table of Recommendations 5.4 Princi
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CONSUMER PROTECTION using or disclo
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CONSUMER PROTECTION providers. The
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CONSUMER PROTECTION Table of Recomm
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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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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
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Table of Recommendations 7.5 Powers
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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
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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
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FINANCIAL INCLUSION AND MARKET DEVE
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Table of Recommendations 11.1 Objec
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Table of Recommendations 11.2 The m
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Table of Recommendations 11.3 Board
Page 143 and 144: CHAPTER 12 Public debt management 1
Page 145 and 146: PUBLIC DEBT MANAGEMENT of the publi
Page 147 and 148: PUBLIC DEBT MANAGEMENT State Govern
Page 149 and 150: PUBLIC DEBT MANAGEMENT Table of Rec
Page 151 and 152: CHAPTER 13 Foundations of contracts
Page 153 and 154: FOUNDATIONS OF CONTRACTS AND PROPER
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Page 164 and 165: 14.2. Problems of the present arran
Page 166 and 167: FINANCIAL REGULATORY ARCHITECTURE T
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Page 170 and 171: TRANSITION ISSUES On the functional
Page 172 and 173: TRANSITION ISSUES service providers
Page 174 and 175: SUMMARY OF RECOMMENDATIONS NOT EMBE
Page 177: CHAPTER 17 Conclusion Financial eco
Page 180 and 181: 18.2. Note of dissent by K.J. Udesh
Page 182 and 183: 18.3. Note of dissent by P.J. Nayak
Page 184 and 185: NOTES OF DISSENT A second difficult
Page 186 and 187: NOTES OF DISSENT 6. The present arr
Page 189 and 190: CHAPTER 19 Annexes 19.1. Formation
Page 191 and 192: ANNEXES 19.2. List of consultants,
Page 193: ANNEXES * Did not participate in th
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Page 201 and 202: ANNEXES 19. Role of surveyors: (a)
Page 203 and 204: ANNEXES 6. The law must provide for
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Page 207 and 208: ANNEXES 3. As shocks can spread thr
Page 209 and 210: ANNEXES 19.8.2. Terms of Reference
Page 211 and 212: ANNEXES (d) The Board of the target
Page 213 and 214: ANNEXES 2. The PDMA should adopt a
Page 215 and 216: ANNEXES 3. On the issue of co-opera
Page 217 and 218: ANNEXES 14. Regulators must look at
Page 219 and 220: ANNEXES 31. The WG recommends the m
Page 221 and 222: ANNEXES (b) Efficiency of DRT: Suit
Page 223 and 224: ANNEXES (c) Pledged shares and exem
Page 225 and 226: 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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