Amid volatile politics and choppy markets, last year, a panel led by Justice BN Srikrishna recommended dramatic changes in consumer protection in the financial sector, a new role for RBI, unification of other regulators among other things. While many feel that New Delhi has little time for this, Justice BN Srikrishna, the author of the report, believes that the panel recommendations would be gradually implemented irrespective of the colour of the next government.
"The only commission whose recommendations were immediately implemented was the Pay Commission because everyone got money," he says with a chuckle. In his first interview with media after the Financial Sector Legislative Reforms Commission (FSLRC) submitted its report in 2013, Justice Srikrishna told ET there is a greater urgency to reform and SROs may be the first step to bring about a change. Edited excerpts:
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