Report of the Committee to study the
Financial Data
Management Legal Framework in India
Department of Economic Affairs Ministry of Finance
October 25, 2016
Submitted to
Ministry of Finance Government of India
1. Introduction
1.1 The Financial Sector Legislative Reforms Commission (FSLRC) has, inter-alia, recommended the creation of a statutory Financial Data Management Centre (FDMC), referred to as “Centre” or “FDMC” in the report, a repository of all financial regulatory data, which would “serve to assist the Financial Stability and Development Council (FSDC) in conducting research on systemic risk and system-wide trends, and facilitate a discussion about policy alternatives between the members of the FSDC”. At a meeting of the FSDC held on October 24, 2013, it was decided that action should be taken for finalising the road map for creation of the FDMC as envisaged in the draft Indian Financial Code. In this context, a Task Force on FDMC was established vide D/o Economic Affairs Office Order dated September 30, 2014. The Task Force recommended inter alia for setting up of a non-statutory FDMC through executive order, capitalize it and recruit its management.