The Financial Sector Legislative Reforms Commission (FSLRC) was first announced in the 2011-12 Budget. Its objective was to rewrite and update financial sector laws to bring them to bring them in tune with current requirements. The Commission was set up in March 2011 under the chairpersonship of Justice (Retd.) B.N. Srikrishna [who investigated the Bombay Riots of 1992 and more recently prepared a report on Telangana].
The FSLRC is mandated to:
- review existing legislation such as RBI Act, SEBI act, IRDA act, PFRDA act, FCRA, FEMA etc
- review admn of such legislation
- review interplay of jurisdictions of various regulators
- review eligibility criteria of senior officers in regulatory authortiy
The Commission has to submit recommendations within two years of its constitution.