A high-level government committee has suggested the creation of a unified regulator for markets, insurance, commodities and pensions; a proposal that could change the financial landscape of India.

Headed by retired Supreme Court judge B N Srikrishna, Financial Sector Legislative Reforms Commission (FSLRC) suggested that the unified regulator - the Unified Financial Agency (UFA) - should subsume the functions of the Securities & Exchange Board of India (Sebi), the Insurance Regulatory & Development Authority (Irda), the Pension Fund Regulatory & Development Authority (PFRDA) as well as the Forward Markets Commission (FMC).

The committee added that the Reserve Bank of India (RBI) should retain the powers to regarding monetary policy and enforcement of laws in the banking sector, but only temporarily. After the unified regulator gains some experience, the panel said the central bank should be merged with it.

It also suggested establishment of a unified Financial Sector Appellate Tribunal (FSAT), which would hear appeals against all financial regulators, including the RBI.

When asked to comment on the proposals, Finance minister P Chidambaram said, "I intend to brief the Prime Minister either today or tomorrow and (put the report) in next three-four days, in public domain."

The revealed contents of the report showed that the committee didn't deviate much from the approach paper that was on October 1, 2012.