The Financial Sector Legislative Reforms Commission (FSLRC) in its Report submitted on 24 March 2011 has given wide-ranging recommendations, both legislative and non-legislative aspects, on the institutional, legal, and regulatory framework, and operational changes in the Indian financial sector. The Economic Survey mentions that in October 2013 regulators decided to adopt the non-legislative aspects of FSLRC recommendations. These are broadly in the nature of governance enhancing principles for enhanced consumer protection, greater transparency in the functioning of financial sector regulators in terms of their reporting system, greater clarity on their interface with the regulated entities and greater transparency in the regulation making process by means of mandatory public consultations, incorporation of cost benefit analysis etc. Most households are as yet cutoff from large parts of the financial system. The survey says next wave of infrastructure financing will require a capable bond market.

Regulatory governance reforms: non-legislative measures to boost consumer protection, transparency, and consultative rulemaking in finance. Regulators implemented the non-legislative aspects of the FSLRC recommendations focusing on governance enhancements: strengthened consumer protection, greater transparency via clearer reporting and regulator-regulated interfaces, and more open rulemaking through mandatory public consultations and required cost-benefit analysis. The measures address market gaps by noting household exclusion from parts of the financial system and the need to develop a capable bond market for infrastructure financing.