Finance Minister called financial sector regulators to implement FSLRC proposals

The Union finance minister, P Chidambaram stated the regulators must implement proposals of the Finance Sector Legislative Reforms Commission (FSLRC).

The FSLRC report contains 12 key proposals and these do not require legislative changes. It also included a draft Indian Financial Code that is expected to replace the current financial sector legislations but is unlikely to be tabled in Parliament soon.

About FSLRC report                                                                                                     
  • The financial sector regulators will take serious action with high penalties on violators and time bound investigations that would act as deterrents and improve consumer protection.
  • The proposals that called for penalties discourage the future violations as a multiple of the illegitimate gain of violations.
  • Regulators should also put in place internal manuals on conducting investigations. The investigating officer would be kept different from the officer who would decide the penalty for the crime.

Note: The Financial Stability and Development Council on October 2013 decided to finalize an action plan for implementation of all FSLRC principles on regulatory governance, transparency and improved operational efficiency that do not require legislative action.

Pakistan appoints a female judge to Sharia Court for the first time

Ms Ashraf Jehan (56) appointed as the first female judge of Shariah Court (Pakistan), which hears cases under the Islamic legislation. Ms Jehan was earlier serving as an additional judge at the high court in Sindh.

Note: The Shariah Court was established in 1980 during the rule of military dictator Ziaul Haq as part of his policy towards Islamisation of Pakistan’s institutions. It examines the country’s laws to check them for conformity with Islamic injunctions and hears appeals under religious legislation known as the “Hudood Laws”, which run parallel to the penal code.