The Financial Sector Legislative Reforms Commission closed its journey yesterday with the delivery of a report and the draft Indian Financial Code (IFC). Here is the report and here is the draft law. Here is commentary in the press on the subject:
- Interviews with Justice Srikrishna: Business Standard, Indian Express, Outlook magazine.
- K. P. Krishnan in the Economic Times.
- Turf war in the offing in the Financial Express, and Selling it right in the Indian Express, both by Ila Patnaik.
- Mobis Philipose in Mint.
- New financial code provides for ponzi-killer, by N. Sundaresha Subramanian, in the Business Standard.
- Sunshine in the court room, by Pratik Datta on this blog.
- The cast of 146 on this blog.
- Falls short on banks, by Dhirendra Kumar in the Economic Times.
- K. P. Krishnan on financial regulatory governance in the Hindu Business Line.
- Financial code provides compounding provisions by N. Sundaresha Subramanian in the Business Standard.
- Will government get a greater say in fixing monetary policy? by Niranjan Rajadhyaksha in Mint. Editorials on monetary policy in Mint and the Hindu Business Line. Parnika Sokhi talks with me in DNA. Errol D'Souza in Mint.
- Anand Sahasraman has a series of posts on the IFMR Blog: The FSLRC approach; FSLRC moots shift in onus of consumer protection from consumer to provider.
- Sandeep Parekh in the Financial Express.
- Will FSLRC recommendations be a game changer? by Shaji Vikraman in the Economic Times.
- Is a unified financial regulator a good idea? Yes, by Biswa Swarup Misra and No by Ashoak Upadhyay, both in the Hindu Business Line.
- SEBI brass feels delay is inevitable, by Samie Modak in the Business Standard.
- Gautam Chikermane on his blog.
- Remya Nair and Kirthi V. Rao in Mint.
- Super regulator pushed back by Megha Mandavia in DNA.
- Surabhi in the Indian Express.
- Editorial in the Business Standard.
- Editorial in the Economic Times.
- Editorial in the Indian Express.
- Editorial in the Business Standard.
- Editorial in the Financial Express.
- Surabhi in the Indian Express.
- Reportage by K. R. Srivats in the Hindu Business Line.
- Remya Nair in Mint.
- Hema Ramakrishnan on the ET blogs.
- Reporting in the Business Standard.
- Aswathy Varughese in DNA.
- Reporting in the Hindu.
- Anindita Rey in the Business Standard.
- K. A. Badarinath and K. R. Sudhaman in the Financial Chronicle.
- Super cop idea spares RBI in the Telegraph.
- Treatment on CNBC-TV18.
The signing:
And a subset of the team that did it:
I am a layman to these. I go to my job from 9 am to 6 pm and spend my time with my family after that. My skills / expertise is not in area of finance and economics. It would be nice to understand the impact of these regulations for the regular person not with jargon but with a simple example. I am also trying to understand why a Cyprus style situation won't happen in India. Appreciate any input on this matter.
ReplyDeleteIndia has a lot of savings and a lot of investment needs. But the cost of getting the savings from households to businesses is very high in India. A large part of the high cost has to do with the myriad of regulations/restrcitions than have been imposed in an ad hoc manner over the last 80 years. Often these restrictions were imposed to take care of a specific problem at hand. But over time these had costly unitended consequences. By cleaning up the regulations and unifying them into a single framework the hope is that the cost of taking the savings from hosueholds to businesses will be reduced while at the same time ensuring the safety of the financial system.
ReplyDeleteCan unintended consequences occur even after the IFC is enacted. Sure. But at least we will have one Act to read through to figure out what went wrong and how rather than 60 odd Acts as now.
I will delete comments that misbehave! How do you define misbehave? You may call something a misbehave even if that sound little awkward to you to reply? I have seen people who at senior position as you are rude often and call anything misbehave, which questions their authority.
ReplyDelete