The Finance Ministry has come up with a revised draft of the Indian Financial Code and sought stakeholders’ comments on the same by August 8.
The key changes include strengthening the financial accountability of financial agencies, removing the provision empowering Financial Sector Appellate Tribunal (FSAT) to review regulations, rule making and operational aspects of capital controls, monetary policy framework and composition of the monetary policy committee, regulation of systemically important payment system and others.
The latest modifications have also taken into consideration the enactments subsequent to the submission of the Financial Sector Legislative Reforms Commission report, namely the Pension Fund Regulatory and Development Authority Act and Securities Laws (Amendment) Act 2014.
However, the modifications in the revised draft IFC remain consistent with the overall structure and philosophy of the FSLRC report, an official release said.