The Financial Sector Legislative Reforms Commission (FSLRC) set-up in March 2011 for rewriting the financial sector laws to bring them in harmony with the current requirements, submitted its Report to the Government on March 22, 2013. The Commission has inter alia recommended a non-sectoral, principle based, legislative architecture for the financial sector by restructuring/upgrading existing regulatory agencies and creating new agencies wherever needed for better governance and accountability.

As recommended by the FSLRC, the Government has set-up Task Forces to lay the roadmap for the up-gradation of existing agencies and establishment of new agencies namely Financial Sector Appellate Tribunal (FSAT), Resolution Corporation (RC), Public Debt Management Agency (PDMA) and Financial Data Management Centre (FDMC). The Constitution of Task Forces has been put in public domain on the website of the Ministry of Finance (finmin.nic.in).

Resolution Corporation roadmap: Task Forces to design institutional setup and governance following FSLRC's principle-based architecture. The Government constituted Task Forces to develop a roadmap, pursuant to FSLRC recommendations, for establishing a Resolution Corporation, Financial Data Management Centre, Financial Sector Appellate Tribunal and Public Debt Management Agency, and for restructuring/upgrading regulators under a non-sectoral, principle based legislative architecture to enhance governance and accountability.