The National Institute of Public Finance and Policy (NIPFP) has invited papers for a national-level seminar titled “Financial Law & Policy: An Inter-disciplinary Approach” to be held at the National Law University, Delhi (NLU Delhi) on December 1, 2012.
The financial sector in India is currently governed by more than 60 legislations with a plethora of regulations. This has led to a lot of ambiguity in the legal framework applicable for doing business in the country. The problem gets compounded by the fact that many of these legislations were enacted more than 60 years ago, with objectives that are largely not in sync with the realities of the present day globalised competitive world.
Realising the need to address these issues and for formulating a legal framework geared up to facilitate growth of the financial sector in the future, the Government of India set up the Financial Sector Legislative Reforms Commission (FSLRC) in March 2011. The mandate of FSLRC involves overhauling these existing legislations and laying down a policy and legislative landscape geared towards creating a more coherent and dynamic financial environment.
This exercise will also involve identifying regulatory gaps and overlaps seen in the existing system. In this regard FSLRC is focusing towards of rewriting and harmonizing the existing financial sector laws in the country, to bring them in tune with the requirements of a modern financial system.
FSLRC intends that the new legislations will cater to the requirements of a fast growing economy. The broad issues from which the authors may choose are: Appropriate means of oversight over financial regulators and their autonomy from the government; consumer protection as an aspect of financial regulations; Role of the Central Bank in financial market regulation, resolution of financial firms; Principle-based or ruled-based legislation: what will work in India; Unified regulator or sectoral regulator: which will work in India; and Financial Regulation and competition policy among others.
The author(s) has to submit the completed, original and unpublished paper with the Seminar Co-ordination Committee by November 1, 2012. The Seminar Co-ordination Committee will be responsible for evaluation and selection of the top 5 papers. The authors of the 5 selected papers will be invited to NLU, Delhi to present their papers before an elite panel composing of legal practioners and members of FSLRC. The paper must not exceed 5,000 words. The Paper must be mailed to firstname.lastname@example.org in soft copy (pdf format) by November 1, 2012.
Papers may be contributed by any person interested in contemporary financial regulations. For more information readers can visit http://www.nipfp.org.in/