Finance Minister P Chidabaram has said that making laws in the country is not an easy task which has become even more difficult due to legitimization of obstructionism as a Parliamentary tactic and coalition era. 

He, however, said the government will not give up and is determination to push through legislations and put in place an effective financial regulatory system. Mr Chidambaram was addressing a seminar on the draft Indian Financial Code in New Delhi today.

He said the proposed code will be a milestone in the financial sector reforms. Our correspondent reports, Indian Financial Code proposes among other measures creation of a unified regulator for the financial sector.

Mr Chidambaram said multiplicity of laws, institutions and regulators creates regulatory overlaps, gaps and sometimes lack of clarity in their roles. He said this results in inefficiency in addressing emerging critical issues in the sector.