The Institute of Company Secretaries of India (ICSI) conducted a National seminar on ‘Indian Financial Code’ at the BSE International Convention Hall, Mumbai recently.
The seminar was held to facilitate a healthy debate on the recommendations of the Financial Sector legislative Reforms Commission (FSlRC) in the financial hub of the country. Justice B N Srikrishna, former justice, Supreme Court of India and chairman of FSlRC was the chief guest on the occasion.
While addressing the audience, CS SN Ananthasubramanian, president, ICSI quoting the famous words of Victor Hugo said: “All the forces in the world are not so powerful as an idea whose time has come.” This emphasised the fact that ICSI’s endeavour is not only to promote good corporate governance but also market governance.
He pointed out that the FSlRC Report was timely as there was a felt need 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.
Justice Srikrishna emphasised that change in the mindset and taking a bold step forward is necessary to accept the reforms envisaged which would enable the country to attune itself while paving the way to compete with the world leaders.
Dr Ajay Shah, professor at the National Institute of Public Finance and Policy (NIPFP) highlighted that India has never done a project of this kind wherein an entire gamut of law in a particular sector is taken up for organised re-visit in a focussed manner within a limited time-frame.