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India's financial sector reforms, initiated in 1991, were implemented to establish a market-driven financial environment, improve operational efficiency in financial institutions, and maintain macroeconomic stability following a balance of payments crisis. [2]. These changes encompassed actions like tackling non-performing assets (NPAs), allowing for more flexible interest rates, decreasing the statutory liquidity ratio (SLR) and cash reserve ratio (CRR), and encouraging private sector involvement in banking. [2]. Taking into account the recommendations put forth by the Narasimhan Committee, these measures were implemented to enhance transparency, foster competition, and grant more independence to financial institutions. [2]. The liberalization of the insurance sector led to increased innovation and competition, while regulatory improvements by the Securities and Exchange Board of India (SEBI) and advancements in technology, such as electronic trading and dematerialization, revolutionized the capital markets. [3]. However, challenges like regulatory fragmentation, inefficiencies in public sector governance, and the underdeveloped corporate bond market still impede economic progress. [6]. Technological advancements such as mobile banking and microfinance have expanded access to financial services, but reaching out to rural areas remains a challenge. [7]. A fair and comprehensive regulatory framework is necessary to address the systemic issues at hand. Proposed initiatives, such as the financial sector legislative reforms commission (FSLRC), underscore the importance of establishing a cohesive legal and regulatory framework. [4]. Achieving financial stability and inclusive growth relies on enhancing institutions and guaranteeing equal access to financial services for all [1].