The daunting agenda for legal reform arising out of the process is covered in the fifth section. The penultimate section deals with the current legislative processes and responsibilities for implementation. The final section attempts some generalisations on national law perspective and international law.
Indian Approach to International Financial Standards and Codes The development of international standards and codes in the current context has five important features, viz., it is part of the reform of the international financial architecture; it represents a consolidated view of several interrelated standards and codes; it is a collaborative effort involving different groups of countries, markets and international financial institutions and standard setting agencies and bodies; it has elements of both external and internal assessments of degree of compliance; and, finally there is an assumption of linkage between the implementation of standards and codes and financial stability.