A government-appointed commission tasked with examining the legislative and regulatory systems in the financial sector will submit its report in the last week of March, a key member of the panel said today.
The Financial Sector Legislative Reforms Commission (FSLRC) was set up in March 2011 to rewrite and harmonise financial sector legislations, rules and regulations.
"We will submit the final report to the government in the last week of March," the Commission's member-convenor, D Swarup, said today.
He was talking to reporters on the sidelines of an event organised by Financial Planning Standards Board (FPSB). The 11-member panel, headed by a retired Supreme Court judge, would recommend a uniform consumer protection law, which would apply across sectors, Mr Swarup said.
At present, there are five main regulators in the financial sector - RBI (Reserve Bank of India), Sebi (Securities and Exchange Board of India), PFRDA (Pension Fund Regulatory and Development Authority), Irda (Insurance Regulatory and Development Authority) and FMC (Forward Markets Commission) - and they have different jurisdictions.
About the consumer protection law, he said while the prevention part of consumer protection will be with the regulators, the Commission is planning to recommend a unified financial literary agency to take care of the curative side.
"The curative side will be combined in a unified literacy financial literary agency, which will hear all the complaints of financial customers," he said.
The Commission also plans to open offices of Financial Redressal Agency in every district, he said.
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