"In our country we are long on laws, but short on implementation"
Legal Era in Conversation with Justice B. N. Srikrishna
Justice (retd.) B. N. Srikrishna is a former Judge of the Supreme Court of India, Chief Justice of the Kerala High Court and Judge of the Bombay High Court. Previously, in the aftermath of the Mumbai riots, he had assumed charge of the one-man Commission of Inquiry set up in January 1993; later he became the Chairman of the Sixth Pay Commission of the Government of India and then the Chairman...
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Justice (retd.) B. N. Srikrishna is a former Judge of the Supreme Court of India, Chief Justice of the Kerala High Court and Judge of the Bombay High Court. Previously, in the aftermath of the Mumbai riots, he had assumed charge of the one-man Commission of Inquiry set up in January 1993; later he became the Chairman of the Sixth Pay Commission of the Government of India and then the Chairman of the Committee for Separate Telangana before taking over as the Chairman of the Financial Sector Legislative Reforms Commission...
Legal Era (LE): Sir, Financial Sector Legislative Reforms Commission (FSLRC) has proposed that SEBI, Forward Markets Commission, Insurance Regulatory and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA) should be merged into a Unified Financial Agency (UFA). How would this move positively impact the financial sector in the country?
Justice (retd.) B. N. Srikrishna (JS): It would avoid regulatory arbitrage, regulatory jurisdictional disputes and ensure that no diddler in the financial sector can escape regulatory supervision and policing by designing his product in some hybrid fashion to claim immunity from each regulator.
Do you think these recommendations shall be carried out to their logical conclusion?
JS: They should in all expectation be, if the political will is summoned to achieve the goal of making our country a leading player in the world financial arena.
