This refers to the report "FSLRC for financial law review every 3 years" (April 1). The central government's decision to bring about a unified approach in regulating the country's financial sector is apt. This will obviate the loopholes in the system that a few organisations take advantage of for their personal benefit. In fact, there should be complete cohesiveness between the Reserve Bank of India, the Securities and Exchange Board of India and the Insurance Regulatory Development Authority. A simple comprehensive law and a solo regulator are needed to prevent siphoning off funds under dubious methods, such as money-laundering.
S R Murdeshwar Pune
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