Recommendations of the Financial Sector Legislative Reforms Commission (FSLRC) to merge all financial market regulators in to one entity will not come in the way of clearing amendments in the Forward Contract Regulations Act amendment (FCRA) Bill. This was stated by the secretary of the ministry of consumer affairs, Pankaj Agrawala, who came here to inaugurate new commodity futures exchange UCX on Friday.
He said that since the Bill was already listed in Parliament prior to the submission of the report, it is now property of the Parliament and cannot be withdrawn simply because somebody has a different recommendation.
The FSLRC report suggested merging FMC into a common regulator for the financial market. The FCRA Bill proposes to give independent and statutory status to FMC with more powers. The secretary also said that, "Our ministry is making all efforts to see that the bill is introduced in the parliament in second half of budget session and get it cleared." The bill was listed in the budget session but could not be introduced last month.
