The Finance Ministry has set up four task forces, including the one on Public Debt Management Agency (PDMA), to lay the roadmap for implementation of some of the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC).
As per the recommendation of the Commission, PDMA would perform the function of debt management for the government. It would help help the government raise debt, and also support the cash management function of the government.
The the nine-member task force on PDMA will be headed by Dhirendra Swarup, former chairman of PFRDA.
It will review international best practices in public debt management and develop an administrative plan that includes a design of the required physical infrastructure, among other things.
Justic N K Sodhi will head an eight-member task force on Financial Sector Appellate Tribunal (FSAT). It will review the global best practices of procedural rules and internal processes of courts and tribunals. It will also review the present rules of procedure for Securities Appellate Tribunal (SAT).
The Ministry has also formed a task force on Financial Data Management Centre (FDMC) under former RBI Deputy Governor Subir Gokarn. Among other things, it will review the present practices of management of regulatory data in the country.
A task force has also been set up for establishment Resolution Corporation.
THe FSLRC was set up in March 2011 for rewriting the financial sector laws to bring them in harmony with the current requirements, submitted its Report to the Government on March 22, 2013.
The Commission has inter alia recommended a non-sectoral, principle based, legislative architecture for the financial sector by restructuring/upgrading existing regulatory agencies and creating new agencies wherever needed for better governance and accountability.
