The Financial Sector Legislative Reforms Commission (‘FSLRC’) was formed vide a notification(1) of Governmen of India dated 24th March 2011. The object of FSLRC was to comprehensively review the multiple Rules/Regulations currently governing the financial sector and rewrite and harmonize them in tune with requirements of modern times. The FSLRC was chaired by former Judge of the Supreme Court of India Justice B.N. Srikrishna and consisted of 9 other members and a Secretary. The FSLRC submitted its report to Shri P. Chidambaram, th e Finance Minister on 22nd March, 2013. The FSLRC report in form of recommendation prepared a draft law for the financial sector, namely the Indian Financial Code Bill, 2013 (“draft code”). More…
A draft forenote for the article is also available here.