The board failed in its duty by giving Kochhar a clean chit. Sitting fees and perks of members should be clawed back as well.
The committee was formed in July 2017 by the government to deliberate on a data protection framework for the country.
FSLRC chairmanSrikrishna said that hiring manpower for a unified regulator will be the biggest challenge.
FSLRC chairman BN Srikrishna says, in an interview to CNBC-TV18, that he has recommended the setting up of a central bank monetary policy committee and two regulators among a slew of other reforms.
The legislation is the US' response to the global financial crisis of 2008. The Act was signed into law in July 2010 by President Barack Obama. Some of the major aspects of the Act include regulation of mortgages, loans and credit cards, overseeing Wall Street and systemic risks that occur within, and regulate, risky derivatives.
A government-appointed commission hopes to restructure India‘s financial regulatory architecture.