REPORT OF THE COMMITTEE TO IDENTIFY THE CENTRAL ACTS WHICH ARE NOT RELEVANT OR NO LONGER NEEDED OR REQUIRE REPEAL/ RE-ENACTMENT IN THE PRESENT SOCIO-ECONOMIC CONTEXT VOLUME IV (PART-III) [COPIES OF REPORT OF FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION, REPORT OF JOINT COMMITTEE TO EXAMINE THE CONSTITUTIONAL AND LEGAL POSITION RELATING TO OFFICE OF PROFIT, REPORT OF THE 13T" FINANCE COMMISSION, GAZETTE NOTIFICATION FOR CONSTITUTION OF 14T" FINANCE COMMISSION AND THE COPY OF THE DRUGS (CONTROL) REPEAL BILL, 2006 PERSUED AND CITED IN THIS REPORT] INDEX SI. Subject Dated Page No. No. 1. Report of Financial Sector Legislative 223.2013 1-213 Reforms Commission (FSLRC) (Volume -I ) 3. Report of the Financial Sector Reforms March 2013 214-421 Commission, (FSLRC) (Volume-lk Draft Law) 3. Report of Joint Committee to examine the 422-610 Constitutional and Legal Position Relating to Office of Profit (Presented to Lok Sabha on 22.12.2008 and laid in the Rajya Sabha on 22.12.2008) 4. Report of the Thirteenth Finance December 2009 611-645 Commission 2010-2015, (Volume- I) 5. Copy of the Gazette Notification for 2.1.2013 646-653 Constitution of 14th Finance Commission 6. The Drugs (Control) Repeal Bill, 2006 65if-656 (Introduced in Lok Sabha on 1m March, 2006) FINANCIAL SECTOR LEGISLATIVE REFORMS COMMISSION New Deli-. Shp P Cludambaram nO :Prue t of rap duct ur the , rd Tgt and rucommundu ionsand /plug I- bairn renorkoa d he Pc In-1159baaia noz ease be ler n pub ic dc main 5 roe th: mandate bus rubro tit o Grorrnment Hoonner g Per he gn erelpfsrule-holdenn :rest teauiner' orel(he reed ortionspa prop the bonurna e nn.relepsetbuReCO tat the eudiest drikrishno hump n chow bdesh rebni rialeg AA • A;:aiited crrber of the dith ninunce Conn sr on pin effect Iran 04 Fededa T Pee MET laers of he cdpIEC i d not unr REpICII SHIP Ado. M131 passed .Poa, P.11Seuterrber 2on Justice .)e.i Presd Pal le se 1...tiot xicl.l.rt Sec ebob C20.31 '43 be lolorrinee 'dumper/ sic 10e PE Ele d ne Mee in;s thie c.ther commit Contents Acron2 — s Acknav,ledgemenc Erecmie Sum(-2y rw Introduction :SLR!: and h Narrlace 021thera ons n the Co, mission eaper¢ end s ake holders 4 1; Anal sis anc assessment The tasks of financial law 11 1 1 Shill9 gav,a. from a sec oral 9.9:peCive 12 -2 2 .24.47'ing a 72 ciples based app oach 13 23 92.17 each c drafting 14 2 4 Finanua replater9 922emance 2 5 0 97ership neu,rality ens cermet lo^ 3 Structure of the regulator 21 3 2 Comsssit.on of the board oithe regulator 22 33 92na on 2g c'the boarc 24 3.5 '.essurce sllocaion 9:the reg212r.or 3 5 .oei:ormz roe assessmer: and eporting 27 4 Functions and powers of the regulator 29 42 Issuing regi7 279 ans. and guidelines 29. Jr Exec.itive uncliar7 3 Ad -nil-RW.3[1%e law anc ole sltrisra 5 37 0 Lyclusicn 40 s Consumer protection 43 3 I 57r27egic plc: r 4 ■: = 2 Scope sr the la., 5.3 objectives 2 7d princp192 42 5A ProLections for aft 79 sumo 9 45 5.13 tkcIdilicrial crotLetirs lenetail consumers eB 5E Fur: isoSand powers 211--e ator 5r uneon cons...nor potect o- 5 8 7 redress agency 54 C — nlon 12 o and policy 6 Micro-prudential regulation 55 61 Rationale or mico-preential rezulation 55 6> Ao o taunt nizcpodennalf arrme k 63 Soape of micro prudert al rog(212 oo 58 6.5 Fwrerso( micro pr.oen■al regulor 59 65 P inciples to go de' e „se °Mowers 7 Resolution 69 69 72 An ellooOve resolL :ion —ework Ocject ves of thin resaL000 ogrooratio- TA I-Vera: von betWeon agencies 75 =.thoers o'Lhe resolution corporation 16 RoSOlutioo tools 77 Furdlo- compersation rd resoiJo on 8 Con5o9Jences o'oso.ution 8 Capitalcontrols el 81 Cujecti esol capital oar J71s e2 rent fa o-aum"k E.4 83 Proposed fire./Y0 9 Systemic k 89 gl The ppOb ernclo,ge nic fsc 83 91 Orojectives and pr n, ioles 90 93 Irstit.uono' arrangement cc 9A 1ho'veeleme'3or the oostemic regJla oon process eg 95 Canstr_olingo'd a^a1.9irg a syse otabase 9o. 56 de'llooation o sos or call/ imoorta 95 97 Systemwide rneasJ es 95 9.8 Inteoregu ocore r'ge'0.? (.0 3dination 99 is s maoager io Financial inclusion and market development 99 10 0Menves 10 2 'le- ad oriel e- rectu IC 3 or -op es that guide ThS roof m e 11 11 Monetary policy 111 Sojen,e of monetary co icy 2 cen-ral Lz 13 The oonetoryq proms= II The monetary poi Cy :Orrl LLeo, 115 oocaJntabihty 116 ns utionals !ono- 11 / Temporary Lommdi „los stance Ire I (31.1AS ro ■ CONTENTS 12 Public debt management 2 1 An ,ncepensent push: deb: mi.'...agemen■agency 2 2 Strucurecithe pLa. c debt managemem agercy 23 C.bJec.Nesa'dNZtOnsoltte ublie deb'. management pg..exy 114 13 undations of contracts and property n9 3 1 the interaz isn of iransial .3.,..s.mth other laws 32 Princ ples rels ingTo certzil contRci-s 33 Ir.fratri.h.0....11nstirL !Dna 122 3A RegJlatory ss...es o,- Infrastruc....r.2 Ins , utiols 12: 35 Special provis ons for nf .oliucti, einstftution, 125 36 oki c 1.5.D1 e 6 J trade Of Sefurit eS '26 12? 14 'nanclal regulatory althlte(U1re in 81 7 .-olciz. regulatory architecture as a c.isL. )ct reature Or I iarc al la ,.. 4 2 :.• °Nem si the p eseir arr2ngements -32 -43 Co..1 deral ontf.al. gJide a ■ernative 4 ciitecturechaice= 132 d 4 -. inanc .31 leg.. t ory architecture 56:e..1 for Inc an :and!' oils 33 15 Transition issues 137 16 Summary of recommendations not embedded in the draft Code 141 c ship neutrality and co-Ipctiticn el 7; 2 Par amentDry revi2 go- subot -2.ce legislatic - - E.3 RECD'IMel1C2t 011S Df i.Drking G oups '42 6.4 ' boVer rat t c.- 142 6 5 SySr^ss e mic risk E6 T ansitro °S 17 C446199144 145 18 Notes of dissent 107 `A' ecicssent ly .R 147 18.2 Noxafu sse-.:oy KJ. Jdesl. 148 154 R. e d =Aro by H 19 Annexes 197 19 I Formation of the F_RC 167 her-a -Toth:1 cffic ats ..kdloas..ds'ec the Com 103 _is!. ol.r.oreefor aeon vith FS 161 94 issuQs Fo ciscassiomoitn exo2rsand crake helders '62 195 1.-11-e'<ctions with vuthoritiei()CrS'ai 53 I: 6 ‘,...c..qng Croup or '.. surance re-ir2memt g an 1 SaVi 164 19 7 "JONIFIgC CUD or Dcymen...s 14 19 8 .0....r4ingC oup on sec.. ities 17rE 19.9 Geo:: elan ..geme.n-. Office 1_.0 VioNing Group on tank ng 182 Int:actions. by the Acrking Sroups lc/ 19 17 Exbr ialge. ewers and Experts ec the Rese 11 Tea 19 13 St.prnissions =SLR: 195 Acronyms AIq ..zcouw, and (we 's Division ARC Asset Reconstruct o- Comps - ASIC Australian SecJric es and Investment ammiss o eDD Bc7.rd oOlrecors Board of Ma nagerr Bar SabsldlaryModel r.troll=r and Auciror Gene al 01 Irdi Cc nontior Comr. :sic - ofl -d le Ce-:a! COJIlte' Parry CAA CgieT Econol- c Ad CAD Cale Exec..1, 2 Ofri,tr : ARC Sun elczincity Reg, a wryCommissiD-1 CEASAF tental Rens 'vat Sesu itisation Asset Reconstn,c ion and Security titerest off -idle :cm - [tee on Fi anCia Sector Assessment CFTC Commodities Fut., e5Tradma COMMIS510- CAI combatirg the ina-o ng al Te srn CAC Code tor Civil Focedure 19Ce C.ash Reserve :atIO DEA ▪ ailment of ECOCISMI2 Affair: Deocs,InsJra -ceand ed GJereilLA2 Co ry ration India Cepa -MEC a- Post Deb RecoveryAlp:1101C Tribunal DPI Debi- Ran :Hy intuna, =CV Drouder Frd Organisa:Ion EPF Enp eyee, Ponder: FLd ESIC Picloyees Slate Inurenze:crporation -Al t E mare alrction Task -Jr“ Flnanc al COnCOCI Aul -onty le: Fireir` I) CAC iwesi-mAnt Financial Daft, vlaregement Centre FAA Financial Holdrg Company 1:11 Fore g^ ional F MC PD 'ward Mums Commission F -a xiBI Market hitermedia Fina -col Redress Age-cy ▪ FSAT nancial Ak.pellaVa sribusal FinanCial ses..cersAstherts FS DC and Development Council F Se:tor Leg slati e arms CDRIMIS5 or Fedi soreig, Venture Capital in.estor GDP G1055 D.Orne5t1. odust General lnsJrnace Coyne ;DI Gayer ent of Ircia FIR Hunan kesurces IBA Indian Bank; Associatior IMF I -tern? on a. lionetpiry Fund IPA ndepesdert Segs story Agen:‘ IRA Independent RegJatory .,genc, t Authsr IRDA Insurance kngulstoryanc De.ielspmer KYC LIG file Insurance paratior. en: of ndia MCA Ministry sj Sompary Affairs Gcse — MD Manage DireC:01 IAPC Monerary PoScs Corrsti:ree National Be.sS for Agriculture and Rural Development 1413CC Non Banking Financial Car- sany NODPC Nation; Conss —erDiSOLItes Red CSS21Commiss;on N ■113 Naicna; Housing Barix NC-IC Non aserassg Ho ding Co— sa Non Performing Asset NPS New Panto- System NatlorialSrall Savings Fund Over Irs Ccsster Public Deb: ManacernentAgencs PFRDA Pension Fsrd .Regulatory and Deydasmen: ri PPF Pubic Provident Fund P53 PkIbl c Sector Sank PSJ Public Sector Undertaking QuaSSed Foreign Investor ale Qualned Instsssonsleuyer QBI Reserve Sank of India The Recoveryof Sebts Due :o Banks and F nar.cia Instsul:or Regis: r si Companies CR3 Segicnal 'al Bank te Werra:op SPNCAESI The Se:sr :Eason and Reconssscr on at Financial Asse d En forcemert of Secunt.,(Inte est Art SecusSes.spsellateTricunal SBI State Banko■Inc.a Securs es and Exchange Board of Ind a SZ: Us Secustios and Exchargeamr.ssion Statutory L ordify Ratio SOn Standard Opera:ins; Proceduss Terms .of elere rre UCB Urban Cooneero.e Bank Uni ied Fmene alAgenzi Jn,q UC l cmHI cation Autio Indic JK Pmandal S.? vices and Mail e sAct 1C00 Jni ed Kingdom Jup Jni _Inked cin.e plan Union u b k ServieC<'.miss On Jni rd Sees whpuy Owned Subs diary Acknowledgement hnen the Ministry of P -arse approached me in early 2011 1:)rvir a Commission -- I nanzial iemslaL - s 1 »VaS wrte.,,haL dauntx by le magnaLde of the HOVV2Ve my.6hes ta-ion c ssapeared /Then saw the ms -IdE..eol boo).