All financial regulators to finalize action plan for FSLRC implementation

Finance Minister P Chidambaram has asked regulatory bodies including SEBI and RBI to take all possible concrete measures to avoid any adverse impact on the Indian Economy. Tapering off of the Quantitative Easing, QE in the United States is likely to have a major impact on the economy in the coming times. Mr Chidambaram was speaking at the 8th meeting of Financial Stability and Development Council, FSDC, in New Delhi yesterday.

He also said that the opportunity available due to the postponement of the reversal of the monetary policies in the advance economies should be utilized to further address macroeconomic imbalances.

During the meeting it was decided that all financial regulators will finalize an action plan for implementation of Financial Sector Legislative Reforms commission, FSLRC principles relating to regulatory governance, transparency and improved operational efficiency. The Council discussed the steps to facilitate Corporate Distress Resolution Mechanism as per the Companies Act 2013.
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