Government to implement Indian Financial Code

Tags: News
Emphasising the need for a stronger legislative regulatory framework, the government today committed to bringing a new code for streamlining various regulations in the financial sector.

Indian Financial Code (IFC), suggested by the Financial Sector Legislative Reforms Commission (FSLRC), lays out clear objectives for financial regulations.

"There are some important recommendations of the FSLRC like the enactment of the IFC which is considered necessary for better governance and accountability.

"It will be my endeavour to complete the ongoing process of consultations with all the stakeholders expeditiously on this," Finance Minister Arun Jaitley said in his Budget 2014-15 speech.

Noting that the financial sector is at the heart of growth engine, the minister said it was essential to strengthen and modernise the legislative regulatory framework.

The draft IFC sought to address present weaknesses of the country's financial system.

The code focuses on the formal process through which the legislative, executive and judicial functions take place in financial regulators.

Besides, it provides clear objectives for financial regulation where government intervention is required and the areas include consumer protection, systemic risk reduction, debt management, capital controls and micro-prudential regulation.

FSLRC submitted its report to the government in March 2013.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Prabhu Express has trundled into town with a cargo of feel-good promises

    Railway minister Suresh Prabhu, punning on his own name, sought divine intervention more than once while delivering his maiden rail budget last Thursd

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Taslima Nasreen

The death of a liberal humanist

I first met Avijit Roy about 15 years ago. He ...

Purnendu Ghosh

Context is important in colour choices

Colours reflect power, optimism, warmth, emotion and balance. Colours are ...

Shona Adhikari

Art world celebrates two ‘new’ Cezannes

The focus moves once more to post-impressionist Paul Cezanne, who ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture