.......Financial Sector Legislative Reforms Commission calls for a unified regulator for the financial services sector which will regulate insurance, capital market, pension funds and commodities derivatives market (the RBI should continue to exist outside the unified regulator although with modified functions of setting monetary policy, regulating banks and payment systems). Although a move to a single regulator may be premature in India's context, the new government within the present framework can improve coordination and clearly delineate responsibilities among existing regulatory agencies..............
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