There is little experience in India with large complex projects of drafting law. The process adopted by FSLRC had many strengths. In the table below, I have pulled together the names of all 146 persons mentioned in the report. A diverse array of knowledge and perspective was brought into the project. In addition, the work took place over two years with a large dedicated workforce. In these respects, it represents an important contrast with the small closed groups, and small scale of resources, that have traditionally done drafting of law in India.
| Name | Designation and Organisation | Role in FSLRC | ||||
| 1 | Shankar Acharya | Honorary Professor, Indian Council for Research on International Economic Relations | Special Invitee, FSLRC | |||
| 2 | Viral V Acharya | Professor of Economics, New York University Stern School of Business, USA | Honorary Adviser, FSLRC and External Reviewer, Technical Team | |||
| 3 | Late C Achuthan | Corporate Law Chambers India | Member, FSLRC | |||
| 4 | Rajiv Agarwal | Secretary (Consumer Affairs), Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution, Government of India | Special Invitee, FSLRC | |||
| 5 | Varsha Agrawal | Consultant, NIPFP | Member, Technical Team | |||
| 6 | K Aishwarya | Consultant, NIPFP | Member, Technical Team | |||
| 7 | Chirag Anand | Consultant, NIPFP | Member, Technical Team | |||
| 8 | Karan Anand | Consultant, NIPFP | Member, Technical Team | |||
| 9 | Kumar Anand | Consultant, NIPFP | Member, Technical Team | |||
| 10 | Bindu Ananth | President, IFMR Trust | External Reviewer, Technical Team | |||
| 11 | Uday P Apsingekar | Sr. PPS to Chairman, FSLRC | Member, FSLRC Administration Team | |||
| 12 | Molina Asthana | Principal Solicitor, Commercial, Property & Technology, Victorian Government Solicitor's Office, Melbourne, Australia | External Reviewer, Technical Team | |||
| 13 | Jahangir Aziz | Chief Economist, JP Morgan Chase & Co | Advisor and External Reviewer, Technical Team | |||
| 14 | Shobana B | Academic Associate, National Institute of Securities Markets | Member, Technical Team | |||
| 15 | Vikram Bahure | Consultant, NIPFP | Member, Technical Team | |||
| 16 | Tarun Bajaj | Former Joint Secretary (Insurance & Pension), Department of Financial Services, Ministry of Finance, Government of India | Member, Working Group on Insurance, Retirement Financing and Small Savings | |||
| 17 | Vimal Balasubramaniam | Consultant, NIPFP | Member, Technical Team | |||
| 18 | Dipak Banerjee | OSD, FSLRC | Member, FSLRC Administration Team | |||
| 19 | Sanjay Banerji | Professor of Finance, University of Nottingham Business School, UK | External Reviewer, Technical Team | |||
| 20 | Vishvesh Bhagat | Senior Vice President (Legal, Compliance & vigilance), National Institute of Securities Markets | Member, FSLRC Administration Team | |||
| 21 | Sudarshan Bhattacharjee | Consultant, NIPFP | Member, Technical Team | |||
| 22 | C B Bhave | Former Chairman, Securities and Exchange Board of India | Advisor and External Reviewer, Technical Team | |||
| 23 | M G Bhide | Former Chairman and Managing Director, Bank of India | Member, Working Group on Banking | |||
| 24 | Paul Binsted | Chairman, Financial Sector Advisory Council, Australia | Country Expert Consultation | |||
| 25 | Mark Boleat | City of London Roundtable, UK | Country Expert Consultation | |||
| 26 | Michele Bourque | President, Canada Deposit Insurance Corporation, Canada | Country Expert Consultation | |||
| 27 | Sarah Breeden | Prudential Regulatory Authority Transition Team, UK | Country Expert Consultation | |||
| 28 | Mike Callaghan | Executive Director, Treasury, Australia | Country Expert Consultation | |||
| 29 | Jeff Carmichael | Wallis Inquiry Member and Inaugural Chairman, Australian Prudential Regulation Authority, Australia | Country Expert Consultation | |||
| 30 | Sumathi Chandrashekaran | Consultant, NIPFP | Member, Technical Team | |||
| 31 | Ashok Chawla | Chairperson, Competition Commission of India | Special Invitee, FSLRC | |||
| 32 | Rajendra P Chitale | Managing Partner, M.P.Chitale & Co | Special Invitee, Working Group on Insurance, Retirement Financing and Small Savings | |||
| 33 | Russell Collins | Chairman, Financial Sector Practitioners' Panel, UK | Country Expert Consultation | |||
| 34 | Mary Condon | Vice-Chair, Ontario Securities Commission, Canada | Country Expert Consultation | |||
| 35 | Matt Crooke | Minister-Councillor, Australian High Commission, New Delhi | Country Expert Consultation | |||
| 36 | Devika Das | Consultant, NIPFP | Member, Technical Team | |||
| 37 | Pratik Datta | Consultant, NIPFP | Member, Technical Team | |||
| 38 | Akhil Dua | Consultant, NIPFP | Member, Technical Team | |||
| 39 | Alex Etra | Consultant, NIPFP | Member, Technical Team | |||
| 40 | Patty Evanoff | Senior Director, Office of the Superintendent of Financial Institutions, Canada | Country Expert Consultation | |||
| 41 | Stuart Fraser | City of London Roundtable, UK | Country Expert Consultation | |||
| 42 | Neeraj Gambhir | Head, Fixed Income Business for India, Nomura Holdings Inc | Member, Working Group on Securities | |||
| 43 | Meeta Ganguly | Consultant, NIPFP | Member, Technical Team | |||
| 44 | Charles Goodhart | Professor and Director of Financial Regulation Research Programme,London School of Economics, UK | Country Expert Consultation | |||
| 45 | R Gopalan | Secretary, Department of Economic Affairs, Ministry of Finance, Government of India | Special Invitee, FSLRC | |||
| 46 | Abhishek Gupta | Consultant, NIPFP | Member, Technical Team | |||
| 47 | Apoorva Gupta | Consultant, NIPFP | Member, Technical Team | |||
| 48 | Monika Halan | Editor, Mint Money | External Reviewer, Technical Team | |||
| 49 | Mark Hoban | Financial Secretary, The Treasury, UK | Country Expert Consultation | |||
| 50 | Lord Hoffman | Chairman, Financial Markets Law Committee, UK | Country Expert Consultation | |||
| 51 | Neena Jacob | Consultant, NIPFP | Member, Technical Team | |||
| 52 | Bhavna Jaisingh | Consultant, NIPFP | Member, Technical Team | |||
| 53 | Bimal Jalan | Former Governor, Reserve Bank of India | Special Invitee, FSLRC | |||
| 54 | Parikshit Kabra | Consultant, NIPFP | Member, Technical Team | |||
| 55 | Madhu Kannan | Former Managing Director and CEO, Bombay Stock Exchange Limited | Member, Working Group on Securities | |||
| 56 | Shreeya Kashyap | Consultant, NIPFP | Member, Technical Team | |||
| 57 | Vijay Kelkar | Chairman, Forum of Federations, Ottawa & India Development Foundation, New Delhi | Special Invitee, FSLRC | |||
| 58 | Vikramaditya Khanna | Professor, University of Michigan Law School, USA | External Reviewer, Technical Team | |||
| 59 | Sudhamoy Khasnobis | Founder, i-Care Life Pte. Ltd, Singapore | Expert and External Reviewer, Technical Team | |||
| 60 | Naina Lal Kidwai | Group General Manager and Country Head, HSBC India | Member, Working Group on Banking | |||
| 61 | James Knight | Debt Management Office, UK | Country Expert Consultation | |||
| 62 | Sunder Ram Korivi | Dean, School for Securities Education, National Institute of Securities Markets | Member, Technical Team | |||
| 63 | T Koshy | Executive Director, Advisory Services, Ernst & Young Private Limited | External Reviewer, Technical Team | |||
| 64 | K P Krishnan | Secretary, Economic Advisory Council to Prime Minister, Government of India | External Reviewer, Technical Team | |||
| 65 | Amol Kulkarni | Consultant, NIPFP | Member, Technical Team | |||
| 66 | Aishwarya Kumar | Consultant, NIPFP | Member, Technical Team | |||
| 67 | Shekhar Hari Kumar | Consultant, NIPFP | Member, Technical Team | |||
| 68 | Kanagasabapathy Kuppuswamy | Director, EPW Research Foundation | Member, Working Group on Debt Management Office | |||
| 69 | Bikku Kuruvila | Legal Consultant, New York, USA | Legal Consultant, Technical Team | |||
| 70 | John Laker | Chairman, Australian Prudential Regulation Authority, Australia | Country Expert Consultation | |||
| 71 | Rajiv Lall | Managing Director and Vice Chairman, Infrastructure Development Finance Company | Member, Working Group on Banking | |||
| 72 | Timothy Lane | Deputy Governor, Bank of Canada | Country Expert Consultation | |||
| 73 | Tiff Macklem | Senior Deputy Governor, Bank of Canada | Country Expert Consultation | |||
| 74 | Yezdi H Malegam | S.B. Billimoria & Company | Member, FSLRC and Member, Working Group on Banking | |||
| 75 | Aakriti Mathur | Consultant, NIPFP | Member, Technical Team | |||
| 76 | Kate McKee | Senior Advisor, CGAP | External Reviewer, Technical Team | |||
| 77 | Poonam Mehra | Assistant Professor, National Institute of Securities Markets | Member, Technical Team | |||
| 78 | Ursula Menke | Commissioner, Financial Consumer Agency of Canada | Country Expert Consultation | |||
| 79 | Ravi Menon | Managing Director, Monetary Authority of Singapore | Country Expert Consultation | |||
| 80 | Apoorva Ankur Mishra | Consultant, NIPFP | Member, Technical Team | |||
| 81 | Percy S Mistry | Director, J P Morgan Emerging Markets Investment Trust | Expert, FSLRC | |||
| 82 | Ambarish Mohanty | Consultant, NIPFP | Member, Technical Team | |||
| 83 | Nachiket Mor | Chair, Sugha Vazhvu Health Care Private Limited | External Reviewer, Technical Team | |||
| 84 | C K G Nair | Secretary, FSLRC | Secretary, FSLRC | |||
| 85 | N K Nampoothiry | Special Secretary, Department of Legal Affairs, Ministry of Law and Justice, Government of India | Expert, Technical Team | |||
| 86 | Ravi Narain | Managing Director & CEO, National Stock Exchange | Member, Working Group on Securities | |||
| 87 | S A Narayan | Managing Director, Kotak Securities Limited | Member, Working Group on Securities | |||
| 88 | Badri Narayanan | Advisor, Third Eye Capital Advisors LLP | External Reviewer, Technical Team | |||
| 89 | P J Nayak | Chairman, Morgan Stanley India Company Pvt. Ltd. | Member, FSLRC and Chairman, Working Group on Payments | |||
| 90 | Uttam Nayak | Country Manager, VISA | Member, Working Group on Payments | |||
| 91 | Lyndon Nelson | Director, Financial Services Authority, UK | Country Expert Consultation | |||
| 92 | Rob Nicholl | CEO, Debt Management Office, Australia | Country Expert Consultation | |||
| 93 | Justice Debi Prasad Pal | Member, FSLRC | Member, FSLRC | |||
| 94 | Radhika Pandey | Consultant, NIPFP | Member, Technical Team | |||
| 95 | Ritvik R Pandey | Director (Budget), Department of Economic Affairs, Ministry of Finance, Government of India | Expert , Technical Team | |||
| 96 | Deepak S Parekh | Non-executive Chairman, Housing Development Finance Corporation | Special Invitee, FSLRC | |||
| 97 | Bobby Parikh | Managing Partner, BMR & Associates | Consultant, FSLRC | |||
| 98 | Smriti Parsheera | Consultant, NIPFP | Member, Technical Team | |||
| 99 | Ila Patnaik | Professor, NIPFP | Co-lead, Technical Team | |||
| 100 | Avinash Persaud | Senior Fellow, Caribbean Policy Research Institute | Honorary Advisor, FSLRC | |||
| 101 | Bharat Poddar | Group Head, Boston Consulting Group, India | Member, Working Group on Payments | |||
| 102 | Anuradha Prasad | Chief Controller of Defence Accounts, Government of India | Member, Working Group on Insurance, Retirement Financing and Small Savings | |||
| 103 | Madhavi Pundit | Assistant Professor, NIPFP | Member, Technical Team | |||
| 104 | Aditya Puri | Managing Director, HDFC Bank Ltd | Member, Working Group on Banking | |||
| 105 | Suyash Rai | Consultant, NIPFP | Member, Technical Team | |||
| 106 | Raghuram G Rajan | Chief Economic Advisor, Department of Economic Affairs, Ministry of Finance, Government of India | Special Invitee, FSLRC | |||
| 107 | Tarun Ramadorai | Professor of Financial Economics, Said Business School & Oxford-Man Institute of Quantitative Finance, University of Oxford, UK | Honorary Advisor and External Reviewer, Technical Team | |||
| 108 | Kavitha Ranganathan | Programme Manager (Academic), National Institute of Securities Markets | Member, Technical Team | |||
| 109 | C Rangarajan | Chairman, Economic Advisory Council to the Prime Minister, Government of India | Special Invitee, FSLRC | |||
| 110 | C S Rao | Former Chairman, Insurance Regulatory and Development Authority | Senior Adviser, Working Group on Insurance, Retirement Financing and Small Savings | |||
| 111 | M Govinda Rao | Director, NIPFP | Member, FSLRC and Chairman, Working Group on Debt Management Office | |||
| 112 | Rajshekhar Rao | Advocate | Consultant, FSLRC | |||
| 113 | Sowmya Rao | Consultant, NIPFP | Member, Technical Team | |||
| 114 | O N Ravi | Corporate Development Officer, Clearing Corporation of India Limited | Honorary Advisor and External Reviewer, Technical Team | |||
| 115 | Barbara Ridpath | CEO Regulation, International Centre for Financial Regulation, UK | Country Expert Consultation | |||
| 116 | Shubho Roy | Consultant, NIPFP | Member, Technical Team | |||
| 117 | Jeremy Rudin | Assistant Deputy Minister, Department of Finance, Canada | Country Expert Consultation | |||
| 118 | K G Sahadevan | Professor of Economics, Indian Institute of Management, Lucknow | Member, Working Group on Securities | |||
| 119 | M S Sahoo | Former Member, Securities and Exchange Board of India | Legal Consultant, Technical Team | |||
| 120 | Renuka Sane | Research Economist, Indira Gandhi Institute of Development Research, Mumbai | External Reviewer, Technical Team | |||
| 121 | Subrata Sarkar | Professor, Indira Gandhi Institute of Development Research, Mumbai | External Reviewer, Technical Team | |||
| 122 | Ankur Narain Saxena | Consultant, NIPFP | Member, Technical Team | |||
| 123 | Sally Scutt | Deputy CEO, British Bankers' Association, UK | Country Expert Consultation | |||
| 124 | Ajay Shah | Professor, NIPFP | Co-lead, Technical Team | |||
| 125 | Sanjiv Shah | Executive Director, Goldman Sachs, India | Member, Technical Team | |||
| 126 | A P Singh | Joint Secretary, Unique Identification Authority of India, Planning Commission, Government of India | Member, Working Group on Payments | |||
| 127 | Darshika Singh | Consultant, NIPFP | Member, Technical Team | |||
| 128 | Neeraj Singh | Consultant, NIPFP | Member, Technical Team | |||
| 129 | A K Sinha | Deputy Secretary, FSLRC | Member, Administration Team | |||
| 130 | Abhishek Sinha | CEO, EKO India Financial Services Private Limited | Member, Working Group on Payments | |||
| 131 | Janmajeya Sinha | Chairman of Asia-Pacific Operations, Managing Director of Mumbai Operations and Senior Partner, Boston Consulting Group, Inc. | Member, Working Group on Banking | |||
| 132 | Justice B N Srikrishna | Chairman, FSLRC | Chairman, FSLRC | |||
| 133 | Glenn Stevens | Governor, Reserve Bank of Australia | Country Expert Consultation | |||
| 134 | Gregory Stevens | Prudential Regulatory Authority Transition Team, UK | Country Expert Consultation | |||
| 135 | Robert Stheeman | CEO, UK Debt Management Office | Country Expert Consultation | |||
| 136 | Somasekhar Sundaresan | J. Sagar Associates, Advocate & Solicitors | Consultant, FSLRC | |||
| 137 | Dhirendra Swarup | Member, FSLRC | Member Convenor, FSLRC, Chairman, Working Group on Insurance, Retirement Financing, and Small Savings and Member, Working Group on Debt Management Office | |||
| 138 | Lucie Tedesco | Deputy Commissioner, Financial Consumer Agency of Canada | Country Expert Consultation | |||
| 139 | Ranjit Tinaikar | Partner, McKinsey & Company, India | Member, Working Group on Payments | |||
| 140 | K J Udeshi | Chairperson, Banking, Codes & Standards Board of India | Member, FSLRC and Chairperson, Working Group on Banking | |||
| 141 | K N Vaidyanathan | Chief Risk Officer, Mahindra and Mahindra | Honorary Advisor and External Reviewer, Technical Team | |||
| 142 | Harsh Vardhan | Partner, Bain & Company | Member, Working Group on Banking | |||
| 143 | Jayanth R Varma | Professor (Finance and Accounting), Indian Institute of Management, Ahmedabad | Member, FSLRC and Chairman, Working Group on Securities | |||
| 144 | Kaushalya Venkataraman | Consultant, NIPFP | Member, Technical Team | |||
| 145 | Yesha Yadav | Assistant Professor of Law, Vanderbilt University Law School, USA | External Reviewer, Technical Team | |||
| 146 | Mark Zelmer | Assistant Superintendent, Office of the Superintendent of Financial Institutions, Canada | Country Expert Consultation |
Collective wisdom in drafting a Law of the nature that has implications for a century ahead is always a virtue. I know at least 30 out of the 146 very familiarly.
ReplyDeleteThe matter of setting up a Unified Regulatory Authority with overweighing power in the hands of the Government is fraught with great risk knowing the way governments work.
I am particularly weary of clipping the power of RBI as Monetary authority making it a plural organisation with representatives of the Government participating. I am one who believes that the economy would be safe when a counterweighing balance rests with the autonomy of the central bank.This belief is not psychological in nature but borne by the experience of countries where independence of the central bank is upheld.
May I suggest a careful reading of the present RBI Act and the proposed Indian Financial Code.
DeleteThe present RBI Act has zero autonomy for RBI.
The proposed Indian Financial Code has very strong autonomy for RBI. The autonomy of RBI under the Code would be greater than that of the Bank of England today.
If you think the central bank should have more independence, you will like the Indian Financial Code.