According to Percy Mistry, one of the champions of Mumbai International Financial Centre, India's financial sector reforms have to accelerate. In particular, Mistry in an article in Business Standard has mentioned the folowing :
Reduce micro management by RBI and SEBI.
Dismantle the license control raj.
Liberalise derivatives and commodity markets.
Encourage more competition and innovation.
To be a global financial services player, Mistry argues, India needs :
An open capital account
Capable and efficient markets
World class institutions and responsive regulators
Less intervention by RBI and MOF.
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