Panel to review at least 60 finance laws: Sources

Indian financial sector legislations are up for a major overhaul as the financial sector legislative reforms commission (FSLRC) has been asked to look into all financial sector-related laws. The commission will submit its report in the next 24 months. CNBC-TV18's Rituparna Bhuyan reports the terms of reference and composition of the commission quoting sources from the government.

The panel will review, simplify and rewrite all legislations relating to the financial sector, including laws as old as the Trust Act of 1982, the RBI Act of 1934 and the Insurance Act of 1938. The committee will also recast the financial sector architecture and may also look into regulatory overlaps. Sources inform that the panel, headed by Justice BN Srikrishna will suggest next generation financial sector reforms. The 10-member body, including 7 part-time members, is also likely to review the new Companies Law, which is scheduled to be tabled in Parliament soon. The other members of the committee include Justice Debi Prasad, PJ Nayak, KJ Udeshi, JY Malegam, Jayant Verma, M Govinda Rao, C Achutan and Dhirendra Swarup.