Government of India Volume I: Analysis and Recommendations

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FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION Shri P. Chidambaram Finance Minister Government of India New Delhi 110001 Dear Finance Minister, New Delhi 22 March, 2013 The FSLRC presents its Report to the Government of India. The Report is in two parts: Volume I – text of the findings and recommendations and Volume II – basic framework of a draft law. The Commission did not release the Report in public domain since the mandate was to submit it to the Government. However, given the high level of stake-holder interest on the subject and the need for transparency, the Government may release the Report at the earliest. Dhirendra Swarup Member Convener Jayanth Varma Member K J Udeshi Member B N Srikrishna Chairman C K G Nair Secretary M Govinda Rao* Member P J Nayak Member Yezdi H Malegam Member Yours sincerely *Appointed Member of the 14th Finance Commission with effect from 04 February, 2013. Three Members of the FSLRC could not sign the Report. Shri C. Achuthan passed away on 19th September, 2011; Justice Debi Prasad Pal is seriously ill and Joint Secretary, Capital Markets (Nominee Member) could not attend the meetings due to other commitments.
Page 1: Government of India _______________
Page 6 and 7: CONTENTS 5.6 Functions and powers o
Page 9 and 10: Acronyms AAA Aid, Accounts and Audi
Page 11: ACRONYMS UFA Unified Financial Agen
Page 14 and 15: ACKNOWLEDGEMENT Acharya, Dr. Avinas
Page 17 and 18: Executive Summary Mandate The Finan
Page 19 and 20: EXECUTIVE SUMMARY 8. Public debt ma
Page 21 and 22: EXECUTIVE SUMMARY Structure of the
Page 23 and 24: EXECUTIVE SUMMARY 3. Protection aga
Page 25 and 26: EXECUTIVE SUMMARY resolution corpor
Page 27 and 28: EXECUTIVE SUMMARY Financial inclusi
Page 29 and 30: EXECUTIVE SUMMARY none of the exist
Page 31 and 32: EXECUTIVE SUMMARY The outputs of th
Page 33 and 34: CHAPTER 1 Introduction 1.1. FSLRC a
Page 35 and 36: INTRODUCTION 1. The legislative fou
Page 37 and 38: INTRODUCTION the meetings. Secretar
Page 39 and 40: INTRODUCTION The difficulty in addr
Page 41: INTRODUCTION been modified multiple
Page 44 and 45: THE TASKS OF FINANCIAL LAW be frame
Page 46 and 47: THE TASKS OF FINANCIAL LAW and proc
Page 48 and 49: THE TASKS OF FINANCIAL LAW In the n
Page 50 and 51: Table of Recommendations 2.1 List o
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THE TASKS OF FINANCIAL LAW The gran
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Table of Recommendations 3.1 Basic
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STRUCTURE OF THE REGULATOR Table of
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STRUCTURE OF THE REGULATOR Table of
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STRUCTURE OF THE REGULATOR the most
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FUNCTIONS AND POWERS OF THE REGULAT
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Table of Recommendations 4.4 Issuan
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Table of Recommendations 4.17 Judic
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CHAPTER 5 Consumer protection 5.1.
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CONSUMER PROTECTION Table of Recomm
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CONSUMER PROTECTION Several provisi
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Table of Recommendations 6.1 Object
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Table of Recommendations 6.2 Scope
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Table of Recommendations 6.4 Regula
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MICRO-PRUDENTIAL REGULATION Table o
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MICRO-PRUDENTIAL REGULATION cannot
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MICRO-PRUDENTIAL REGULATION of offs
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CHAPTER 7 Resolution 7.1. The probl
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RESOLUTION Table of Recommendations
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RESOLUTION and the tax payer arisin
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RESOLUTION applicability of laws go
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CAPITAL CONTROLS requirements are f
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Table of Recommendations 8.1 Object
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Table of Recommendations 8.4 Review
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CHAPTER 9 Systemic risk 9.1. The pr
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SYSTEMIC RISK Table of Recommendati
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SYSTEMIC RISK field of systemic ris
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CHAPTER 10 Financial inclusion and
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FINANCIAL INCLUSION AND MARKET DEVE
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CHAPTER 11 Monetary policy In the l
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MONETARY POLICY To facilitate smoot
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MONETARY POLICY The staff of the ce
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MONETARY POLICY ations, the price s
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PUBLIC DEBT MANAGEMENT fiscal conso
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PUBLIC DEBT MANAGEMENT Table of Rec
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PUBLIC DEBT MANAGEMENT Therefore, t
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PUBLIC DEBT MANAGEMENT Table of Rec
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FOUNDATIONS OF CONTRACTS AND PROPER
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Table of Recommendations 13.5 Final
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Table of Recommendations 13.8 Listi
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CHAPTER 14 Financial regulatory arc
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FINANCIAL REGULATORY ARCHITECTURE T
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FINANCIAL REGULATORY ARCHITECTURE R
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CHAPTER 15 Transition issues Once t
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TRANSITION ISSUES 5. FSAT (c) Law +
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CHAPTER 16 Summary of recommendatio
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SUMMARY OF RECOMMENDATIONS NOT EMBE
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CHAPTER 18 Notes of dissent 18.1. N
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NOTES OF DISSENT Since the manageme
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NOTES OF DISSENT and regulatory ind
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NOTES OF DISSENT 18.4. Note of diss
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NOTES OF DISSENT one of the major c
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ANNEXES c. Review of inter-play of
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36. Neeraj Singh 37. Sudarshan Bhat
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19.4. Issues for discussion with ex
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Canada Department of Finance - Mr.
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ANNEXES (c) Review the ‘developme
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ANNEXES 10. All individuals, who ma
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ANNEXES 28. Being a social security
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ANNEXES 16. Consumer protection reg
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3. Insurance Laws Amendment Bill, 2
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ANNEXES 7. Regulation should encour
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19.8.3. Recommendations ANNEXES 1.
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ANNEXES 26. The primary statute mus
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19.10. Working Group on banking 19.
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ANNEXES (c) There must be ring-fenc
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ANNEXES bank does not flow up into
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ANNEXES issue by providing a list o
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ANNEXES in handling the huge backlo
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ANNEXES 6. Securitisation and Recon
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19.12. External Reviewers and Exper
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B. Feedback on Approach Paper S.No
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Government of India Volume I: Analysis and Recommendations

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