Finance Minister Arun Jaitely Saturday said that the government will soon implement the recommendations made in the Financial Sector Reforms Commission (FSLRC) report."I have not the least doubt that a large number of these recommendations will actually see implementation in the days to come," Jaitely said.Speaking at an event here the finance minister said that some legislative changes will also be required for the implementation of FSLRC recommendations.
Currently, four different groups are studying the report and the implications of the impact its recommendations will have.In March 2013, the commission had submitted its report for drafting an Indian Financial Code (IFC).The commission had also suggested creation of a unified financial sector regulator incorporating SEBI (Securities and Exchange Board of India), IRDA (Insurance Regulatory and Development Authority) and Forward Markets Commission (FMC) of the Reserve Bank of India.