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Question

Q. Which of the following reforms were recommended by the Financial Sector Legislative Reforms Commission (FSLRC)?

Select the correct answer using the codes given below:

A

1 and 2 only
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B

1, 2 and 3 only
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C

3 and 4 only
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D

1, 2, 3 and 4
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Solution

The correct option is D
1, 2, 3 and 4
Explanation:

Financial Sector Legislative Reforms Commission (FSLRC) was set up by the Indian Government in pursuance of the announcement made in Union Budget 2010-11 to help rewriting and harmonizing the financial sector legislation, rules and regulations. It recommended the following:

Statement 1 is correct: It proposed a Unified Financial Agency for regulation and supervision of all non-bank and payments related markets by merging SEBI, FMC, IRDA and PFRDA.

Statements 2 and 3 are correct: It proposed two new entities:
  • Debt Management Agency, as an Independent debt management agency.
  • Financial Redressal Agency for redressing consumer complaints.
Statement 4 is correct: It proposed a Resolution Corporation for resolving works across the entire financial system.

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