Govt. sets up task force to lay roadmap for Financial Redress Agency

The Government has constituted a task force, headed by former Pension Fund Regulatory and Development Authority (PFRDA) Chairman Dhirendra Swaroop, to lay the road map for setting up the Financial Redress Agency.

The setting up of such an agency has been recommended by the Financial Sector Legislative Reforms Commission (FSLRC).

The FSLRC), set up in March 2011 for re-writing the financial sector laws to bring them in harmony with the current requirements, submitted its report to the Government on March 22, 2013. 

The commission, inter alia, has recommended a non-sectoral, principle-based legislative architecture for the financial sector by restructuring and upgrading existing regulatory agencies and creating new agencies wherever needed for better governance and accountability. 

Besides Mr Swaroop, there are three other members on the task force -- Monika Halan (Editor, Mint Money), Prithvi Haldea (Chairman, Prime Database Group) and the Coordinator, NIPFP DEA Programme -- and six invitees.

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