Omnibus Framework for recognizing Self-Regulatory Organizations for its Regulated Entities

RBI issued a draft framework titled ‘Draft Omnibus Framework for recognising Self-Regulatory Organisations for its Regulated Entities’ for public comments on December 21, 2023. Based on the examination of the inputs received, the Reserve Bank has now finalized the Omnibus Framework for recognizing Self-Regulatory Organizations (SRO) for its Regulated Entities.

The omnibus framework contains broad parameters viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition, which will be common for any SRO proposed to be recognized by the Reserve Bank. Other sector-specific guidelines like number of SROs, membership, etc., shall be issued separately by the respective departments of the Reserve Bank wherever a sectoral SRO is intended to be set up.

RECENT UPDATES

IFSCA signs MoU with BSEC

he scope of this MoU includes promoting the development of financial products, financial services and financial institutions in their respective jurisdictions, sharing of best practices

Read More »