Government is thinking over to bring industry top guns like prominent bankers and former regulators on board in order to amend the entire financial sector norms and also to suggest ways to fortify its supervision system for checking frauds and irregularities.
The panel will be responsible for reviewing and updating the entire financial sector regulations. According to sources, people from the legal fraternity will also be included in the group and it might be chaired by a former Supreme Court judge
The panel, named as "Financial Sector Legislative Reforms Commission" (FSLRC), was announced by Finance Minister Pranab Mukherjee in his last budget speech
The final Terms of Reference (TORs) and constitution of the panel will be made after consulting with stakeholders and financial sector regulators RBI and SEBI.
Looking at the growing number of scams, the need to rewrite financial sector regulations have become more relevant, said sources. RBI Act, framed in 1934, Insurance Act of 1938, Public Debt Act of 1944 and Securities Contract Regulation Act of 1956 are some of the old financial rules that are need to be rephrased.
The panel will be responsible for reviewing and updating the entire financial sector regulations. According to sources, people from the legal fraternity will also be included in the group and it might be chaired by a former Supreme Court judge
The panel, named as "Financial Sector Legislative Reforms Commission" (FSLRC), was announced by Finance Minister Pranab Mukherjee in his last budget speech
The final Terms of Reference (TORs) and constitution of the panel will be made after consulting with stakeholders and financial sector regulators RBI and SEBI.
Looking at the growing number of scams, the need to rewrite financial sector regulations have become more relevant, said sources. RBI Act, framed in 1934, Insurance Act of 1938, Public Debt Act of 1944 and Securities Contract Regulation Act of 1956 are some of the old financial rules that are need to be rephrased.
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