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The Government today said it will take a final call on the financial sector legislative reforms commission (FSLRC) after receiving feedback from various stakeholders.
“We are looking into the report. We cannot take decisions on it in haste. We would like to get a flavour of what everyone thinks about it,” Arvind Mayaram, Economic Affairs Secretary, said on the sidelines of a PHDCCIevent on ‘Indian Financial Code’.
Without spelling out the Government’s thinking on whether it agreed or disagreed with the FSLRC report, Mayaram said the recommendations are far reaching and stressed the importance of re-examining the existing architecture.
He said that most of the existing laws governing the financial sector have become antiquated.
“The present arrangement has number of gaps. The Government is well aware of this. The Government is also concerned that there are areas where there is no regulatory oversight”.
Indian financial sector is governed by 60 Acts, regulations and rules. “We need to make amends to make them more relevant to changing times,” Mayaram said.
UNILEVER’S INVESTMENTS
Mayaram said that he looks at Unilever’s move to increase stake in its Indian arm as a positive statement on their faith in the Indian economy.
srivats.kr@thehindu.co.in
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