Government of India Volume I: Analysis and Recommendations

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Table of Recommendations 4.17 Judicial structure of tribunal FUNCTIONS AND POWERS OF THE REGULATOR For creating a clear judicial structure for the appellate tribunal, the Commission recommends the following provisions: 1. The appellate tribunal will be headed by a presiding officer who is qualified to be a Judge of Supreme Court, Chief Justice of a High Court, or has served for at least seven years as a Judge of a High Court; 2. The tribunal will have at least two members; the specific number of members of a tribunal will be determined by the case load; 3. The members of the tribunal must have experience in the fields of finance, economics, accountancy and law; 4. The members may be formed into benches, in which case, each bench must have a person who is qualified in law; and 5. There will be a statutory appeal available against the decisions of the appellate tribunal to the Supreme Court. Table of Recommendations 4.18 Rules of procedure for appellate tribunal The appellate tribunal should devote attention to standardising the systems for: 1. Application of complaints and responses; 2. Implementation of temporary orders; 3. Introduction of evidence; 4. Hearing of arguments; 5. Determination of the case; and 6. Determination of the penalty. skills who will be responsible for all the infrastructure and administrative functions of the appellate tribunal. To ensure that the separate registry does not undermine the independence of the tribunal, the registrar should be under the supervision of the chief judicial officer of the appellate tribunal. The Commission recommends the following provisions relating to the registry of the appellate tribunal to ensure its efficient functioning: 1. Developing details of procedure: The draft Code requires the appellate tribunal to formulate its own regulations on procedure, and publish them so as to induce clarity amongst financial firms. These regulations, on the areas mentioned in Table 4.18, should be formed by the appellate tribunal itself. 2. Using information technology: The processes of the appellate tribunal should be geared towards using information technology to integrate its entire judicial functions into an electronic form. The objective of the use of technology would be to reduce the cost of approaching the tribunal, greater efficiency in the functioning of the tribunal and greater transparency in the performance of the tribunal. Information technology should be used to reduce requirements for physical travel, keeping paper records, and following up on compliance with orders. 3. Resources and reporting: The efficiency of the tribunal’s procedures need to be continuously monitored and measured. The draft Code will help achieve this by specifying that the tribunal must comply with accountability requirements through the production of detailed performance statistics, annual reports and audit reports similar to that of regulators. 4.4. Conclusion The functioning of regulatory agencies is a critical component of financial law. Regulatory agencies are remarkable in featuring a combination of regulation-making power that is delegated by Parliament, executive functions, and quasi-judicial functions. In addition, there are sound reasons for favouring significant political and operational independence in regulatory agencies. In order to obtain sound outcomes, the Commission has applied meticulous care in clearly establishing unconflicted objectives, processes governing legislative and executive functions, bringing in an element of separation of powers for per- 40 FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION
FUNCTIONS AND POWERS OF THE REGULATOR forming quasi-judicial functions, and establishing an effective specialised mechanism for substantive judicial review of regulations and orders. The basic public administration challenge of establishing a regulatory agency does not vary from one agency to the next. Hence, the Commission proposes a single and consistent framework that is applied to all regulatory agencies. FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION 41
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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
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 71: FUNCTIONS AND POWERS OF THE REGULAT
Page 76 and 77: CONSUMER PROTECTION The consumer pr
Page 78 and 79: Table of Recommendations 5.4 Princi
Page 80 and 81: CONSUMER PROTECTION using or disclo
Page 82 and 83: CONSUMER PROTECTION providers. The
Page 84 and 85: CONSUMER PROTECTION Table of Recomm
Page 87 and 88: CHAPTER 6 Micro-prudential regulati
Page 89 and 90: MICRO-PRUDENTIAL REGULATION let tha
Page 91 and 92: MICRO-PRUDENTIAL REGULATION Table o
Page 97 and 98: MICRO-PRUDENTIAL REGULATION PRINCIP
Page 99: MICRO-PRUDENTIAL REGULATION the oth
Page 102 and 103: RESOLUTION payment systems. The cor
Page 104 and 105: RESOLUTION Commensurately, the corp
Page 106 and 107: 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
Page 113 and 114: CHAPTER 8 Capital controls Capital
Page 115 and 116: CAPITAL CONTROLS 2. Absence of judi
Page 117 and 118: CAPITAL CONTROLS Table of Recommend
Page 119: 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
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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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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
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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
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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
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ANNEXES 19.13. Submissions to FSLRC
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Government of India Volume I: Analysis and Recommendations

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