Government of India
Ministry of Finance
Department of Economic Affairs
Press Release on the Report of the Committee to study the Financial Data Management Legal Framework in India
The Finance Minster in Para 90(iii) of his Budget Speech 2016-17, had announced “A Financial Data Management Centre under the aegis of the Financial Stability Development Council (FSDC) will be set up to facilitate integrated data aggregation and analysis in the financial sector”
2. Pursuant to the above budget announcement, a Committee was set up under the Chairmanship of Shri Ajay Tyagi, Additional Secretary, Department of Economic Affairs, Ministry of Finance on 25th May 2016 with representatives from the Ministry of Finance, the financial sector regulatory authorities, Department of Financial Services and Department of Legal Affairs; to study the Financial Data Management Legal Framework in India, and to submit a report along with a draft Bill for setting up a statutory Financial Data Management Centre (FDMC),within a period of three months.
3. The Committee has submitted its Report and a Draft Bill titled “The Financial Data Management Centre Bill 2016”. A copy of the Report of the Committee and the Draft Bill proposed by the Committee are hosted on the home page of the Ministry of Finance at www.finmin.nic.in
4. All stakeholders concerned/public are requested to forward comments/suggestions that they may wish to submit on the Draft Bill by 13th January 2017 by e-mail to surjith.k@nic.in or in hard copy to Shri Surjith Karthikeyan, Deputy Director (FSDC), Department of Economic Affairs, Ministry of Finance, Room No. 271 B, North Block, New Delhi- 110001. The decision of the Government in that regard will be taken after receipt of public / stakeholders comments and also following due procedure thereafter.
F. No. 18/13/2015-FSDC
New Delhi, Dated: 29.12.2016
(Manik Chandra Pandit)
Joint Director (FSDC)
