The FSLRC headed by Justice BN Srikrishna, invited about 27 persons and organisations for interactions. However, industry bodies like CII and Assocham, Planning Commission's deputy chairman Montek Singh Ahluwalia and RBI's former governor Dr YV Reddy did not bother to engage in the interactions
The Financial Sector Legislative Reforms Commission (FSLRC), set up by the ministry of finance to review and rewrite the financial sector legislations, interacted with a wide variety of Indian and foregn experts. But strangely, some top finance officials, industry bodies and top think-tanks completely ignored this high level Commission. This is surprising, because the recommendation of the Commission would influence the Indian financial sector in a major way.
Those who preferred not to participate in the interactions with the FSLRC include Montek Singh Ahluwalia, deputy chairman of Planning Commission, Confederation of India Industry (CII), National Council of Applied Economic Research (NCAER), Centre for Policy Research (CPR), Associated Chambers of Commerce and Industry of India (ASSOCHAM) and Dr YV Reddy, former governor of Reserve Bank of India (RBI). Does this mean that the recommendations of FSLRC are not taken seriously by those in the know?
During the process to finalise its recommendations, the FSLRC headed by Justice BN Srikrishna, invited about 27 persons and organisations and six experts or external agencies for discussions on various topics. While all external agencies and experts participated in the interactions, only 21 out of 27 persons and organisations from India turned out for the same.
Here is the list of invitees for interaction with FSLRC...
1 R Gopalan
2 FICCI
3 Dr C Rangarajan
4 * Dr Montek Singh Ahluwalia
5 Dr Shankar Acharya
6 Dr Bimal Jalan
7 * Confederation of India Industry
8 * National Council of Applied Economic Research
9 * Centre for Policy Research
10* ASSOCHAM
11 PHDCCI
12 Dr Vijay Kelkar
13 Dr Percy S Mistry
14 Dr Raghuram G Rajan
15 FSDC Sub-Committee
16 Forward Markets Commission
17 Indian Banks’ Association
18 Prof Viral Acharya
19 Deepak S Parekh
20 National Stock Exchange of India
21 Multi Commodity Exchange of India
22 National Commodity & Derivatives Exchange
23 BSE
24 * Dr YV Reddy
25 Ashok Chawla
26 Rajiv Agarwal
27 Dr Avinash Persaud
* Did not participate in the interaction
External Agencies/Experts called on the Commission
1. City of London
2. Minister for Financial Services, Australia - Bill Shorten
3. Indo-US Business Council
4. US Federal Reserve Board Governor - Jerome H Powell
5. Federal Reserve Bank of San Francisco - John C Williams
6. Financial Services Authority, UK - Hector Sants
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
When the Planning Commission, apex industry bodies like CII and Assocham choose not to share their views by representing their constituency,they should cease to exist. They don't have to make noises at wrong times.
The Planning Commission, a Soviet-era Nehruvian monolith has put its foot in the mouth more than once. There is no place for it in the present day liberalized set up. It is top heavy and a drain on our exchequer. India can afford to do away with this White Elephant, sooner the better.
Montek Singh was hoping against hopes that he would be the FM!?
Why can't he talk about the achievements of the 11th FY plan, now 12th, in first year?
Why C.Rangarajan attended? He had recommended same things when he headed the erstwhile committee.
Dr.V.Y Reddy was not in country but averse to outside pressure.
Why not Planning commission be abolished? Is it a constitutional a body?
Yet under executive powers the creation of polarising authorities is no bar! It's there to further the interest of the executive as aspired.
UADI is in conflict with National Registry! One day everything will come to naught. Whose money down the drain?
As of now lakhs of bogus Adhar cards are not traced coz of enlisting agencies contracted, they got 50/- per application. LEAST BOTHERED!?
As a professional i feel bad for respected Mr.Nandan Nilekani, who has a cabinet rank yet unable to exercise his powers, cant attend cabinet meet on the issue, his opinions may be called for 'only discussion'!?
Had i been in his position i would have resigned, gone back to Infy, or to Murthy & Sudha's philanthropic institutions, if not to Mohandas Pai's Manipal University! [such things are clouded reservations.]
No point in diverting from PCom to Adhar.
Regards,
Further to my above post, the typo, read as UIDAI.
On this clarification i'm further pointing out that abt 3,900 Aadhar letters were sent with photos of non humans!? Inanimate objects!??
Photographs of trees, animals, or buildings instead of the applicants!?
Apart, close to 15K cases, bearing photos of wrong persons!?
Under Nandan Nilekani, how & WHY the software should malfunction?
A photograph of a dog!!???
Yes in US i know the pets are registered to inherit wealth of millions of their masters!
PLANNING COMMISSION SHOULD BE DISMANTLED, [no doubt once MMS was also Dy.CM,of PC]CASH TRANSFERS TO BE STOPPED. The PM has himself admitted to the lacuna.
Nagesh Anna, Manipal University is 'world class', sooner than later Bombay University may be just a University, churning out like a factory ; 'graduates'!
Regards,
When the Planning Commission, apex industry bodies like CII and Assocham choose not to share their views by representing their constituency,they should cease to exist. They don't have to make noises at wrong times.
The Planning Commission, a Soviet-era Nehruvian monolith has put its foot in the mouth more than once. There is no place for it in the present day liberalized set up. It is top heavy and a drain on our exchequer. India can afford to do away with this White Elephant, sooner the better.