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BHOPAL
The synopsis of a research paper submitted to National law Institute University, Bhopal
in the Partial fulfillment of the requirement of Degree of Master of Law
The Financial Sector Legislative Reforms Commission (FSLRC) was constituted by the
Government of India, Ministry of Finance, vide a resolution dated 24 March 2011. The
setting up of the FSLRC was the result of a felt need that the legal and institutional structures
of the financial sector in India need to be reviewed and recast in tune with the contemporary
requirements of the sector.
The remit of FSLRC, as contained in its Terms of Reference (ToR), comprises the following:
1. Review, simplify and rewrite the legislations affecting the financial markets in India,
focusing on broad principles.
2. Evolve a common set of principles for governance of financial sector regulatory
institutions.
3. Remove inconsistencies and uncertainties in legislations/Rules and Regulations.
4. Make legislations consistent with each other.
5. Make legislations dynamic to automatically bring them in tune with the changing
financial landscape.
6. Streamline the regulatory architecture of financial markets.
The FSLRC has been deliberating on these issues since April 2011 both internally and
through consultation/interaction with a wide spectrum of experts and stakeholders. This
Approach Paper is the outcome of these deliberations and substantive research work. It shows
the contours of the legal-institutional framework that the FSLRC may recommend. It is a
provisional document, and the thinking of FSLRC will evolve in coming months, utilising
various inputs including the analysis of this document in the public domain.
1. How FSLRC has reviewed and rewritten the financial sector legislation reform?
2. Analysis of function and overview of FSLRC ?
3. Comparison of with USA system ?
STATEMENT OF PROBLEM
The current regulatory authority architecture is fragmented and is fraught with regulatory
gaps, overlaps, inconsistencies and arbitrage.
HYPOTHESIS
It appears that there is a need for unifies code to regulate the financial sector and promote
consumer protection.