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More consultation needed on financial code: IRDA

There is a need for a debate on the IFC, IRDA chairman TS Vijayan said

April 26, 2013 1:22 IST | India Infoline News Service
In order to bring in more clarity on the proposed Indian Financial Code (IFC) recommended by the Financial Sector Legislative Reforms Commission (FSLRC), the stakeholders, including the IRDA (Insurance Regulatory and Development Authority) have demanded further consultations and debate.

There is a need for a debate on the IFC, IRDA chairman TS Vijayan said.

Speaking at a seminar on IFC organised by the Institute of Company Secretaries of India (ICSI) on 20th April in Hyderabad, Mr Vijayan said a standardisation of intermediation should be initiated by the proposed financial code.

SN Ananthasubramanian, President, ICSI said the seminar was the first initiative of its kind to debate the financial code.

IFC is a draft bill recommended by the Financial Sector Legislative Reforms Commission (FSLRC) in its report to the Government.

According to FSLRC, current regulators — SEBI, FMC, IRDA and PFRDA — should be merged into one unified agency.

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