India: proposals for a new financial regulatory framework

The Financial Sector Legislative Reforms Commission, which was formed to review and make proposals for updating the financial regulatory framework, has published its final report, recommendations and draft legislation. The Commission proposes, amongst other things, that a single agency should be created by merging SEBI, FMC, IRDA and PFRDA. The report is divided into two volumes: volume one contains analysis and recommendations (see here, pdf) and volume two contains draft legislation (see here, pdf).