Financial Sector Legislative Reforms Commission (FSLRC) & Financial Sector Regulation in India

Bhagwati, Jaimini; Khan, M. Shuheb; Bogathi, Ramakrishna Reddy | June 2016
Abstract
The Financial Sector Reforms Commission (FSLRC) which was set up in 2011 by the Ministry of Finance was mandated to study existing legislation and financial sector regulatory practices in India and to propose improvements. The FSLRC submitted its report in 2013 and four of its members recorded dissenting notes. This paper examines the changes in regulation in four G7 countries post the financial sector breakdown of 2008 and suggestions made by the Financial Stability Board with respect to e.g. capital adequacy, shadow banking and accounting. The paper also reviews the current levels of development of the Indian banking, capital markets, pensions and insurance sub-sectors and past episodes of egregious wrongdoing. The last section of the paper examines and comments on the principal FSLRC proposals to further develop India’s financial sector, regulate it better and protect consumers. The dissenting notes of four FSLRC members are also covered in this section followed by conclusions.
Citation
Bhagwati, Jaimini; Khan, M. Shuheb; Bogathi, Ramakrishna Reddy. 2016. Financial Sector Legislative Reforms Commission (FSLRC) & Financial Sector Regulation in India. © Indian Council for Research on International Economic Relations. http://hdl.handle.net/11540/6521.
Keywords
Enterprises
Financial aid
Economies in transition
Local Finance
Local Government
Insurance Companies
Banks
Social Equity
Show all
Citable URI
http://hdl.handle.net/11540/6521
Metadata
Show full item record
Thumbnail
Author
Theme

Users also downloaded

  • Thumbnail

    New Energy Architecture: Myanmar 

    Asian Development Bank (Asian Development Bank, 2013-06-01)
    This report is the culmination of a nine-month multistakeholder process investigating Myanmar’s energy architecture, which involved the Asian Development Bank, the World Economic Forum and Accenture, and aimed to understand the nation’s current energy ...
  • Thumbnail

    Diagnostic Study of Accounting and Auditing Practices in Sri Lanka 

    Athukorala, Sarath Lakshman (Asian Development Bank, 2002-12-01)
    Although Sri Lanka had reasonable financial management arrangements before the finance company crisis, as a consequence of the subsequent corrective improvements, these arrangements now compare very well with those of other countries, at least for the ...
  • Thumbnail

    Rising to the Challenge in Asia: A Study of Financial Markets: Volume 5 - India 

    Asian Development Bank (Asian Development Bank, 1999-06-30)
    The Asian currency and financial crisis has had far-reaching effects on the regional economies and their trading partners. These effects have threatened to wash away the region’s significant social and economic advancement achieved during the preceding ...