The Financial Stability and Development Council (FSDC) will not be a statutory body. Besides strengthening and formalising the mechanism,the proposed council will also monitor activities of large financial conglomerates by assigning them to lead regulators. Currently,it (FSDC) is not likely to be a statutory body. The statute will take time and we are not even sure statute is needed. And the very fact we dont have intentions of a statute should presumably indicate that the FSDC doesnt intend to exercise any powers, said KP Krishnan,joint secretary in the department of economic affairs of the finance ministry.
