The Union Finance Minister, Shri Pranab Mukherjee announced today that the Government has set up a Financial Sector Legislative Reforms Commission under the Chairmanship of Justice B. N. Srikrishna in pursuance of the announcement made in Budget 2010-11. The Commission will rewrite and streamline the financial sector laws, rules and regulations and bring them in harmony with the requirement of a modern financial sector. It will complete its work in 24 months.

Shri Mukherjee also informed that the Companies Bill in the Parliament in 2009 has been received from the Parliamentary Standing Committee, which the Government proposes to introduce in the Lok Sabha in the current Session.

Financial sector legislative reform to rewrite and harmonise laws, alongside reintroduction of the Companies Bill this session. A Financial Sector Legislative Reforms Commission has been constituted to rewrite, streamline and harmonise financial sector laws, rules and regulations to meet modern sectoral requirements, with a mandate to complete its work within a fixed period. The Government also proposes to introduce a pending Companies Bill in the current parliamentary session following its return from parliamentary review.