The Institute of Company Secretaries of India has announced its decision to hold seminars across the country to trigger a healthy debate on the proposals made by the financial sector legislative reforms commission (FSLRC).

Submitted to the Government on 23rd of March, the FSLRC report has proposed a draft Indian Financial Code, which aims to unify the country's scattered legal framework for finance.

In other words, the draft Indian Financial Code is a single unified and internally consistent draft law that aims to replace a considerable part of the country's existing legal framework for the financial sector.

The Company Secretaries institute's Secretary M. S. Sahoo said they decided to hold seminars in order to sensitise company secretaries about the upcoming reforms.

Speaking on the topic, Sahoo said, "We want to sensitise company secretaries about the likely path of reforms that will be undertaken following the submission of this report."

The FSLRC draft report has proposed single unified regulator for the country's entire financial sector (except for banking), and also recommended bringing all foreign investors under one investor class.

The FSLRC was set up in March 2011, by the then Finance Minister Pranab Mukherjee.