Economy
Explaining Unified Financial Regulatory Agency
The government mandated the Financial Sector Legislative
Reforms Commission, or FSLRC, to rewrite laws governing the Indian financial
sector, many of them being archaic to provide for a financial sector
architecture of the future.
One of the key recommendations is the formation ofa new Unified Financial Regulatory Agency, or UFRA.
The need for an unified agency was felt in the context of jurisdictional tussle witnessed among various regulators who police a range of financial products.
The FSLRC has recommended that the Securities and Exchange Board of India (Sebi), the Forward Markets Commission (FMC), the Insurance Regulatory and Development Authority (Irda) and the Pension Fund Regulatory and Development Authority (PFRDA) should be merged into a new unified agency UFRA.
One of the key recommendations is the formation ofa new Unified Financial Regulatory Agency, or UFRA.
The need for an unified agency was felt in the context of jurisdictional tussle witnessed among various regulators who police a range of financial products.
The FSLRC has recommended that the Securities and Exchange Board of India (Sebi), the Forward Markets Commission (FMC), the Insurance Regulatory and Development Authority (Irda) and the Pension Fund Regulatory and Development Authority (PFRDA) should be merged into a new unified agency UFRA.
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