The draft Indian Financial Code (IFC), though an ambitious attempt in this direction, leaves large gaps unaddressed. 44. Any exercise to reshape the legislative architecture of the financial sector should evolve organically, starting with an objective reassessment of where the current system has failed.
In this regard it is pertinent to note the observation of Joseph J. Norton, that “each country situation is sui-generis, with the best, informed decision dependent on and taking regard of local historical, social, economic, financial market, regulatory and political factors and conditions.” 2 This is particularly important when there are many open ended policy issues which are being debated internationally.