FSDC is a stop-gap arrangement

I have a column in today's Economic Times with my colleague where we analyse the proposed 'Financial Stability and Development Council'. I think the arguments against having a body like FSDC have been too vehement and many of the criticisms are unfounded. While I think FSDC would be an upgrade to the HLCC mechanism that we have today, ultimately, the financial laws should be re-written (as proposed by the FM) from the ground up. That will give a clear authority to manage financial stability and reduce gaps between financial regulators and regulations (they can never possibly be eliminated). Finally, the new set of laws would bring a single philosophy of regulation into the financial markets as opposed to totally inconsistent set of powers given to various financial regulators and different administrative ministries which exist today.