The Institute of Company Secretaries of India(ICSI) recently conducted National seminar on “Indian Financial Code’ recommended by the Financial Sector legislative Reforms Commission (FSlRC).
It was inaugurated by Arun Jaitley, Union Minister for Finance, Corporate Affairs and Information and Broadcasting. He informed that the Government will soon implement a large number of legislative and administrative recommendations of the FSlRC, which had suggested a major overhauling of financial sector regulations.
Jaitley also said that the FSlRC has suggested a non-sectoral, principle-based approach to revamp the existing framework. FSlRC was recommended for the creation of a unified financial sector regulator comprising SEBI, IRDA, FMC and part of RBI.
Justice BN Srikrishna, former Judge , Supreme Court of India and Chairman of the FSlRC, in his address as the guest of honour, gave an overview of Indian Financial Code. He briefed about the series of financial sector reforms since 1992.
CS R. Sridhraran, president, ICSI explained the relevance of FSlRC and said that whenever big changes were required it was inevitable to change laws and many new areas of global relevance. He identified some of the issues which needed to be focussed upon.