Financial Sector Legislative Reforms Commission
- FSLRC was set up in March 2011, to recast the financial sector legislations in tune with the contemporary requirements of the sector.
- Headed by B N Srikrishna
- Recommendations :
- Key regulators such as the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority (IRDA), the Pension Fund Regulatory and Development Authority (PFRDA) and the Forward Markets Commission (FMC) should be merged into a Unified Financial Agency (UFA).
- Establish a Financial Redressal Agency (FRA) to look into consumer complaints against companies across the financial sector.
- Set up independent Debt Management Office (DMO) and a Financial Sector Appellate Tribunal (FSAT) to hear appeals against regulators.
- Establish five new regulating agencies namely UFA, FSAT, FRA, DMO and Resolution Corporation.
- Need for separating the adjudication function from the mainstream activities of a regulator in order to achieve a greater separation of powers.
