The government will come up with two discussion paper defining the structure of the Financial Stability and Development Council (FSDC) and the Financial Sector Legislative Reforms Commission (FSLRC) in about a month.
“There will be two separate papers for FSDC and FSLRC. I expect it will take about a month,” K P Krishnan, joint secretary (capital markets), ministry of finance, told reporters on Wednesday on the sidelines of a conference organised by the National Institute of Public Finance and Policy.
The discussion papers will be shared with the formal agencies inside the government first and later put up for public discussion. The papers would include the terms of reference for the two bodies.
In the 2010-11 Budget, the government said it would set up FSDC to monitor macro-prudential supervision of the economy, including the functioning of large financial conglomerates, and address inter-regulatory coordination issues.
