The primary objective of the Financial Sector Reforms in India was to enhance the stability and efficiency of the financial system. This was done by introducing a number of reforms, including the liberalization of interest rates, the reduction of government intervention in the financial sector, and the strengthening of the regulatory framework.

Privatization is not a key element of Financial Sector Reforms. Liberalization, deregulation, and consolidation are the three key elements of Financial Sector Reforms.

The main objective of liberalization in the financial sector is to increase competition in the financial sector. This is done by reducing government control over the financial sector and allowing new entrants to enter the market.

The main objective of deregulation in the financial sector is to reduce the regulatory burden on financial institutions. This is done by reducing the number of regulations that financial institutions are required to comply with.

The main objective of consolidation in the financial sector is to increase the size and scale of financial institutions. This is done by encouraging mergers and acquisitions between financial institutions.

Increased access to financial services for the poor and marginalized is not a benefit of Financial Sector Reforms. Increased competition, improved efficiency, and reduced risk of financial instability are the benefits of Financial Sector Reforms.

All of the above are risks associated with Financial Sector Reforms. Increased systemic risk, moral hazard, and financial exclusion are all risks that can arise as a result of Financial Sector Reforms.

The Reserve Bank of India (RBI) plays a key role in Financial Sector Reforms. It is responsible for regulating the financial sector, promoting financial stability, and managing the country's monetary policy.

The Securities and Exchange Board of India (SEBI) plays a key role in Financial Sector Reforms. It is responsible for regulating the securities market, protecting the interests of investors, and promoting the development of the securities market.

The Insurance Regulatory and Development Authority of India (IRDAI) plays a key role in Financial Sector Reforms. It is responsible for regulating the insurance sector, protecting the interests of policyholders, and promoting the development of the insurance sector.

The Pension Fund Regulatory and Development Authority of India (PFRDA) plays a key role in Financial Sector Reforms. It is responsible for regulating the pension sector, protecting the interests of pension fund subscribers, and promoting the development of the pension sector.

The Financial Stability and Development Council (FSDC) plays a key role in Financial Sector Reforms. It is responsible for promoting financial stability, coordinating the activities of financial sector regulators, and advising the government on financial sector policies.

All of the above are challenges faced by Financial Sector Reforms in India. Political interference, lack of coordination among financial sector regulators, and resistance from vested interests are all challenges that can hinder the progress of Financial Sector Reforms.

All of the above are future prospects for Financial Sector Reforms in India. Continued liberalization and deregulation, increased focus on financial inclusion, and strengthening of the regulatory framework are all areas that are likely to see progress in the future.