The union finance ministry on Thursday invited the public to comment on the proposals of the Financial Sector Legislative Reforms Commission (FSLRC).

Headed by former Supreme Court Judge BN Srikrishna, the FSLRC recommended an omnibus regulator for the financial sector, in its report submitted in March this year.

An official statement said, "All stakeholders concerned are requested to forward comments/suggestions that they may wish to submit on the report and its various recommendations by July 15, 2013."

The comments/suggestions can be sent either by e-mail at feedback-fslrc@nic.in or in hard copy format to FSLRC Cell, Department of Economic Affairs of the Ministry of Finance.

The FSLRC report has recommended sweeping reforms and a total overhaul of the financial sector by merging the supervision functions of different regulators of market, pension, insurance and commodity sectors to create a Unified Financial Authority (UFA).

Besides recommending a UFA to subsume the functions of different regulators, the report also recommended the establishment of a Monetary Policy Committee for determining policy interest rate.

In the report, Justice Srikrishna stressed that India's existing financial system needed a total overhaul if the country wanted to achieve $13-14 trillion economy by 2020-25.