........Thereafter, concerns have emerged that FSLRC’s recommendations make FSDC a “super-regulator”, erode individual regulatory autonomy, and allow for political interference in what ought to be the fiefdom of regulators. Unfortunately, many of these comments (most recently by the Governor of the Reserve Bank of India, D. Subbarao) appear to stem from a lack of clarity on the recommendations. Understanding this issue requires delving into a bit of history............
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