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.

EDITORIAL OF THE DAY

  • The rights of terrorists are not more sacrosanct than the men fighting them

    In the light of the current goings on, there are relevant questions to ask.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sandeep Bamzai

Disequilibrium : THE UGLY AND INCONVENIENT TRUTH

Same song, different verse. The time for polemics over how ...

Susan Visvanathan

What cambodia wants to hide

MP Joseph in his book My Driver Tulong, (Partridge ...

Zehra Naqvi

Interconnectedness of every life form

Human hubris makes us imagine ourselves as masters of the ...