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What is the full form of FSRASC?
Introduction
Financial Sector Regulatory Appointment Search Committee (FSRASC) was based on the recommendation of the Financial Sector Legislative Reforms Commission as a “standing committee” The positions offered are Chairman and Members of the Securities and Exchange Board of India (SEBI), the Chairman and Members of the Insurance Regulatory and Development Authority of India (IRDAI), and the Chairman and Members of the Pension Fund Regulatory and Development Authority (PFRDA).
The guidelines for FSRASC were provided by Financial Sector Regulatory Appointment Search Committee Rules, 2018. These rules helped to increase the transparency and objectivity in the appointment process. The head of FSRASC is a retired judge of the Supreme Court of India. The other members are from the financial sector, academia, and civil society.
Composition of FSRASC
There are many eminent personalities from academia, financial sectors and civil society. Other members ar
The Central government nominates two members who are experts in the field of finance or law.
One member is nominated by the Reserve Bank of India (RBI) who is an expert in the field of finance and banking.
Securities and Exchange Board of India (SEBI) appoints one member who is an expert in the field of the securities market.
Insurance Regulatory and Development Authority of India (IRDAI) nominates one member who is an expert in the field of insurance.
Pension Fund Regulatory and Development Authority (PFRDA) nominates one member expert in the field of pension funds.
The Ministry of Finance also nominates one member expert in the field of finance and law.
The Ministry of Personnel, Public Grievances and Pensions nominate one member who is an expert in the field of public administration.
Functions of FSRASC
The main function of the FSRASC is to identify and recommend candidates for various top positions in regulatory bodies which are related to the financial sector. The positions are Chairman and Members of the Securities and Exchange Board of India (SEBI), the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA).
The FSRASC is responsible for reviewing applications received for these positions. It also includes analysing the candidate's qualifications and experience.
The committee is also responsible for shortlisting candidates and also conducting interviews.
Based on the interviews conducted, the FSRASC recommends candidates to the government.
FSRASC also ensures transparency and objectivity in the appointment process.
The FSRASC helps to increase public confidence in the regulatory bodies and the financial sector. It ensures that the appointment process is not partial.
The committee plays an important role in maintaining the integrity of the financial sector. It ensures that the regulatory bodies related to the financial sector are led by competent individuals.
Importance of FSRASC
The FSRASC increases the public trust in the regulatory bodies. It makes sure that the appointment process is fair and transparent to bring confidence in regulatory bodies.
The FSRASC provides a framework for the evaluation and selection of candidates.
It ensures that only qualified individuals lead the. the regulatory bodies related to the financial sector. The candidates should have the necessary qualifications, experience, and skills. It helps to promote the smooth functioning of the financial sector.
The FSRASC ensures that the appointment process in regulatory bodies is transparent. This helps to prevent any biases in the appointment procedure.
The FSRASC provides an independent evaluation of candidates for different positions in regulatory bodies related to the financial sector. Biases can compromise the integrity of the regulatory bodies.
Conclusion
The Financial Sector Regulatory Appointment Search Committee (FSRASC) plays an important role in ensuring that regulatory bodies related to the financial sector are headed by competent individuals. The main function of the committee is to identify and recommend suitable candidates, shortlist candidates, review applications, conduct interviews, and ensure transparency in the appointment process. The FSRASC increases public trust in the regulatory bodies and the financial sector by promoting transparency and accountability. Overall, the FSRASC is an important institution that has a significant role in promoting smooth functioning of the financial sector. It is critical for the economic growth of the country.
FAQs
Q1. Why is the Financial Sector Regulatory Appointment Search Committee necessary for the financial sector?
FSRASC is important for the financial sector because it makes sure that regulatory bodies related to the financial sector are led by qualified individuals. The committee's functions are identifying and recommending qualified candidates, reviewing their applications, and conducting their interviews. FSRASC helps to promote the smooth functioning of the financial sector, which is important for the economic growth and development of the country.
Q2. What are the qualifications required for candidates to get recommended by the FSRASC?
The FSRASC recommends candidates who have the required qualifications, and experience. The qualifications required may differ depending on the position but in general terms, candidates should have a degree in a field such as finance, economics, or law. There is also a requirement for relevant work experience in the financial sector.
Q3. How does the FSRASC ensure transparency in the appointment process?
The FSRASC provides a framework for the evaluation and selection of candidates. The committee reviews applications, shortlists candidates, and conducts interviews to appoint candidates. The FSRASC also makes its recommendations public. It also provides reasons for the selection of the recommended candidate. That's how FSRASC ensures transparency in the appointment process.
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