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The Financial Sector Legislative Reforms Commission (FSLRC) will submit its final report to the Government on Friday.
The report will be handed over to Finance Minister P. Chidambaram by FSLRC Chairman Justice (retd) B.N. Srikrishna on that day, informed sources said.
This panel, which was set up in March 2011, had in October 2012 released an approach paper.
It is to be seen whether the final report will stick to the Approach Paper’s recommendation on having a unified regulatory agency for the financial sector except banking.
The Approach Paper had in a somewhat controversial recommendation mooted that regulatory bodies such as SEBI, Forward Markets Commission, Insurance Regulatory and Development Authority and PFRDA should get subsumed into a new unified regulatory agency.
Simply put, these will cease to exist if the proposal were to be enacted into law.
The Approach Paper had, however, recommended that Reserve Bank of India should not be brought under the ‘unified regulator’ until enough experience has been gained.
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