FSLRC chairman highlights challenges for super regulator

The author of the Financial Sector Legislative Reforms Commission (FSLRC) committee justice Srikrishna on Thursday highlighted the implementation challenges of the committee's recommendations. He said that hiring manpower for a unified regulator will be the biggest challenge.

Also Read: FSLRC report: Will financial sector really benefit from it? BN Srikrishna, chairman, FSLRC says "First will be the transition issue. From this sectoral approach you want to go to unified approach, you need a lot of talent being inducted. Over a period of time, it has to streamline and that will be the first issue to be dealt with. Making people understand its implication, import of that and to carry the regulators with you who seems to oppose it." Earlier, Subbarao expressed reservations on the recommendations of the FSLRC that suggests giving a statutory body status to the Financial Stability and Development Council (FSDC) for financial stability and a board to be headed by the finance minister.