The Finance Minister announced the formation of the Financial Sector Legislative Reforms Commission (FSLRC) during his Budget speech of 2011-2012 to rewrite and harmonize financial sector legislations, rules and regulations. This had become necessary as the institutional framework governing India's financial sector was built over a century. The Resolution notifying the FSLRC was issued by the Government on 24 March 2011. The FSLRC is required to submit its findings within a period of 24 months.
There is little experience in India with large complex projects of drafting law. The process adopted by FSLRC had many strengths. In the table, Listed the names of all 146 persons mentioned in the report.