Financial System Legislative Reforms Commission: A Summary

The article talks about how the journey has progressed from starting of financial crisis leading to structural reforms, necessitating a new system with a Financial Regulator. It brings to surface the issues and problems faced in ironing them out and working towards a new system. The article focusses on what should be the quintessential parameters of such a system, how loopholes can be plugged. The vast history of issues confronted in Indian Financial Legislative System has been brought out verywell. Selection ofregulators’ board, functioning ofboard, accountability of regulators, composition of the board; performance assessment and reporting have been dealt with at length. Taking a holistic view of the scenario, the paper also talks about; types of protection to the consumer. The hallmark of the paper is the way it deals with the reason and rationale, the argument for each legislation.