India’s regulatory framework has been uncharitably, if accurately, described as an accumulation of responses to crises, replete with turf squabbles and blind spots, rather than a comprehensive system of parts with a unified purpose.
The Ministry of Finance constituted the Financial Sector Legislative Reforms Commission (FSLRC) in March 2011, with a mandate to review and suggest changes to existing laws and regulatory institutions in the financial sector to bring them up to speed with global standards. Two years later, a report has been released which advocates a comprehensive overhaul of the regulatory framework, including replacing a substantial body of existing laws with an Indian Financial Code drafted by the FSLRC.
The FSLRC has suggested the creation of a Unified Financial Agency (UFA), which would be entrusted with micro-prudential regulation and consumer protection for all financial sectors other than banking and payment systems. The agency would subsume the existing regulators for capital markets (Securities and Exchange Board of India), forward markets (Forward Markets Commission), insurance (Insurance Regulatory and Development Authority) and pensions (Pension Fund Regulatory and Development Authority).
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Sawant Singh is a partner, Aditya Bhargava is a senior associate, and Davis Kanjamala is an associate at the Mumbai office of Phoenix Legal.
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