<p>A government-appointed panel has proposed a super regulator for the financial sector which would subsume the functions of key agencies like Sebi, Irda, PFRDA and Forward Markets Commission (FMC).<br /><br /></p>.<p>The Approach Paper brought out by Financial Sector Legislative Reforms Commission, headed by former justice B N Srikrishna, has also suggested creation of a financial redressal agency (FRA) to address consumer complaints against companies across the financial sector.<br /><br />The other important observations of the Commission, which was appointed by the government last year to recast and update financial sector legislations, include setting up of a separate debt management office (DMO) and financial sector appellate tribunal (FSAT). It will have to submit its report by March 2013.<br /><br />As regards the Reserve Bank, the Commission said the central bank should focus on monetary policy, ensure consumer protection law in the fields of banking and payments.<br /><br />“These changes will alter the Indian financial landscape from eight financial regulatory agencies to seven,” said the Approach Paper. <br /></p>
<p>A government-appointed panel has proposed a super regulator for the financial sector which would subsume the functions of key agencies like Sebi, Irda, PFRDA and Forward Markets Commission (FMC).<br /><br /></p>.<p>The Approach Paper brought out by Financial Sector Legislative Reforms Commission, headed by former justice B N Srikrishna, has also suggested creation of a financial redressal agency (FRA) to address consumer complaints against companies across the financial sector.<br /><br />The other important observations of the Commission, which was appointed by the government last year to recast and update financial sector legislations, include setting up of a separate debt management office (DMO) and financial sector appellate tribunal (FSAT). It will have to submit its report by March 2013.<br /><br />As regards the Reserve Bank, the Commission said the central bank should focus on monetary policy, ensure consumer protection law in the fields of banking and payments.<br /><br />“These changes will alter the Indian financial landscape from eight financial regulatory agencies to seven,” said the Approach Paper. <br /></p>