The FM who is the Chairman of Financial Stability and Development Council (FSDC), mentioned that FSDC has taken- up many initiatives to further develop the Indian financial sector, like the development of the Corporate Debt market, launch of infrastructure debt funds (IDFs) and issue of new FPI regulations which permit Qualified Foreign Investors (QFIs) to invest in India. Shri Chidambaram said that FSDC has also pursued the implementation of the report of the Financial Sector Legislative Reforms Commission (FSLRC) with the intention that our financial sector stands on sound legal foundations and remains well-regulated, efficient and internationally competitive. The FM advised that inter-regulatory issues should be resolved in a time bound manner by the FSDC sub-committee. Priority should be accorded to the steps like common demat account for financial assets which will add considerable benefits to the consumers, he added. The FM stressed upon the need for the government and the financial sector regulators to ensure robust growth and manage vulnerabilities.
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