CII's legal committee pushes for appellate body for financial sector

The legal committee wants all financial regulators, including the RBI, to be under the ambit of the new body

The Confederation of Indian Industry’s (CII) committee on legal services is batting for setting up a Financial Sector Appellate Tribunal (FSAT). Another important suggestion is for better collaborative efforts between the Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) to ensure efficient bad-debt resolution.

 

The CII committee chaired by Lalit Bhasin took inputs from the general counsels of leading financial institutions and law firms before submitting its report to the RBI and the finance ministry.

 

The report calls for expanding the remit of the Securities Appellate Tribunal (SAT) to include the RBI. It observed that