The financial legislative framework is set to change with sweeping changes to be recommended by Justice (retd) BN Srikrishna chaired Financial Sector Legislative Reforms Commission (FSLRC). Despite vehement opposition from various financial regulators, FSLRC proposes a unified regulator for the rest of the financial sector barring the Reserve Bank of India, which will work as the monetary authority, banking and payment sector regulator in the interim.........
........The commission recommends converting Deposit Insurance and Credit Guarantee Corporation into a new body called Resolution Corporation and Securities Appellate Tribunal to be changed to Financial Securities Appellate Tribunal, which will hear appeals against all financial regulatory agencies including RBI. The commission recommends Financial Stability and Development Council (FSDC) to continue as it is. Two new entities have been proposed - Debt Management Office, carved out of RBI and Financial Redressal Agency (FRA)............
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