A unified financial regulator is unlikely anytime soon. The Financial Stability and Development Council (FSDC) today said major recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) would take time to be examined and taken forward. FSDC, which met today under the chairmanship of Finance Minister P Chidambaram, said while some of the major legal and institutional reforms suggested by the commission would take time, action on other recommendations could be taken up separately, in consultation with various stakeholders............
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1 comment:
FM is right. FSLRC which thought there was a hurry to dismantle the existing regulatory system and replace it by a ‘foreign’ model was wrong. We must thank FM for clarifying that FSLRC recommendations will be kept in view for further reforms in the financial sector, though he has not said this explicitly.
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