The Reserve Bank had issued the Framework for Recognition of Self-Regulatory Organisations in Financial Markets regulated by the Reserve Bank (Framework) and invited applications for recognition as Self-Regulatory Organisation (SRO) in financial markets.
An application seeking recognition as an SRO in financial markets regulated by the Reserve Bank was received from the Fixed Income Money Market and Derivatives Association of India (FIMMDA). Based on an examination of the application against the relevant requirements under the framework, it has been decided to recognise FIMMDA as an SRO in financial markets regulated by the Reserve Bank.
The Framework for recognition of SROs in financial markets regulated by the Reserve Bank (hereinafter “the Framework”) is based on the Omnibus Framework for recognising SROs for Regulated Entities, issued by the Reserve Bank on March 21, 2024, with necessary amendments to reflect the specificities and characteristics of SROs for financial markets. In line with the Omnibus Framework, the Framework prescribes the broad objectives, functions, eligibility criteria, governance standards, membership criteria and other terms and conditions to be followed by the SROs for grant of recognition by the Reserve Bank. The guidelines contained in the Framework are the minimum requirements and recognised SROs will be encouraged to develop their best practices going beyond what has been set out in the Framework.
