MUMBAI, March 23 A panel set up by the Indian
government has proposed a unified regulator for markets,
insurance, commodities and pensions, while monetary policy and
banking would remain under the central bank, local media
reported on Saturday.
The Financial Sector Legislative Reforms Commission (FSLRC)
has also backed the creation of an independent debt management
office to manage the government's debt and borrowings, now
overseen by the Reserve Bank of India (RBI).
The FSLRC, set up in March 2011 to suggest changes to
financial sector laws and headed by retired Supreme Court judge
B.N. Srikrishna, submitted its report to Finance Minister P.
Chidambaram on Friday.
He is expected to brief the prime minister and make the
report public within four days, The Economic Times reported.
The panel has proposed a Unified Financial Agency (UFA) to
subsume the Securities and Exchange Board of India, Insurance
Regulatory and Development Authority, Pension Fund Regulatory
and Development Authority and Forward Markets Commission.
The newspaper report said Srikrishna told reporters that the
panel did not feel that the central bank should be merged with
the UFA, but that could happen at a later date.
The panel has also sought to replace multiple regulations
with a single Indian Finance Code and proposed a Financial
Sector Appellate Tribunal that would subsume the Securities
Appellate Tribunal and hear appeals against the RBI for its
The panel has backed the creation of a Resolution
Corporation that will oversee financial institutions and a
Financial Redressal Agency to address consumer complaints
against financial sector companies.
(Reporting by Shamik Paul; Editing by Ron Popeski)