In order to facilitate healthy debate on the recommendations of the Financial legislative Reforms Commission (FSlRC), the Institute of Company Secretaries of India (ICSI) is organising a series of seminars and workshops throughout the country. It has already organised three successful national seminars in Hyderabad, Mumbai and in the Capital.
One such seminar was organised on June 15, 2013 in Patna. Ramesh Abhishek, chairman, Forward Markets Commission, inaugurated the seminar and said: “Indian economy is likely to achieve greatest heights in few years and we should be the second largest economy after China. It’s very important to have effective and efficient financial sector. If there is an archaic line financial sector, India will be a dragging economy.”
Dr KP Krishnan, principal secretary, Government of Karnataka, was the key note speaker on the occasion. While addressing the gathering, Dr Krishnan said: “In case of State, there are three categories namely co-operatives, chit funds and money lending, where FSlRC will play role in governing of cooperatives. While State will have to play role in dealing with money lending and chit fund companies.
RK Nair, whole time member IRDA, while speaking on the occasion said: “Accountability of the regulator should be there and there should be a balance between the authority and accountability for an efficient financial sector”.
CS SN Ananthasubramanian, president, ICSI stated that ICSI’s endeavour is not only to promote good corporate governance but also the job to promote market governance is fostered in an even-handed manner so as to ensure seamless relationship between the two. Ananthasubramanian pointed out that the FSlRC report was timely as there was a need felt that the institutional structure of the financial sector in India needed a review and to be recast in tune with the contemporary requirements of the sector. He also said: “Market governance fosters corporate governance in even manner and provides building blocks to facilitate dialogue and new ideas to emerge”.