Allow holding company structures, with a parent holding company owning regulated subsidiaries
Bring all regulation of trading under the Securities and Exchange Board of India (Sebi)
Encourage introduction of markets such as exchange traded interest rate and exchange rate derivatives
Stop creating investor uncertainty by banning markets. To curb manipulation, take direct action against suspects
Create one consolidated membership of an exchange for qualified investors
Encourage “professional” markets where sophisticated investors can trade sophisticated products
Create a more innovation-friendly environment, speeding up process of product approval
Allow greater participation of foreign investors in domestic markets
Rewrite financial sector regulation, with only clear objectives and regulatory principles outlined
Set a specific remit for each regulator every five years and make each regulator report progress every year to a parliamentary standing committee
Regulatory actions should be subject to appeal to a tribunal, which will be set up along the lines of, and subsume, the Securities Appellate Tribunal
Supervision of all deposit taking institutions must come under the RBI, with no sharing of responsibility
Let ministry of corporate affairs review accounts of unlisted companies, while Sebi reviews those of listed companies
Set up a Financial Sector Oversight Agency to monitor the functioning of large, systemically important, financial conglomerates
Set up Financial Development Council to assess macro-risk and developmental issues
Set up an Office of the Financial Ombudsman, incorporating all such offices in existing regulators, to serve as an interface between the household and industry.
Let the Deposit Insurance and Credit Guarantee Corp both monitor risk and resolve a failing bank
Create a unique national ID number with biometric identification ASAP
Institutionalise credit information and make banks pay for it
Increase land registration and titling efforts
Re-examine restrictions on tenancy so that it can be formalised in contracts
Extend powers of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Srfaesi) to all institutional lenders
Encourage the entry of more ARCs, including ones with foreign backing
Clear up bankruptcy law, keeping in mind the recommendations of the Irani Committee
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