v)  What are the policy changes necessary to meet these challenges and to facilitate growth and transition? vi)  What should be regulatory framework for meeting these challenges? Does it not require a 180° change? Since there are a large number and variety of financial products involved, what appropriate regulatory framework needs to be in place for effective regulation?
The question that may need to be examined would be the appropriateness of single versus multiple regulators. Whether the existing regulatory co-ordination mechanism, as followed through HLCCFM, continue in the same form? Is there a need to separate regulation from supervision? vii)  What should be Business Model in terms of pricing, marketing, product development?