December 28, 2023
The Reserve Bank of India
(“RBI”) on December 21, 2023, released a draft Omnibus Framework for
recognising Self-Regulatory Organisations (“the Draft Omnibus Framework”) for
its Regulated Entities (“REs”). The Draft Omnibus Framework states
expansive parameters such as objectives, responsibilities, eligibility
criteria, application process, basic conditions for grant of recognition,
governance standards, applicable to the Self-Regulatory Organisations (“SROs”).
With the rapid growth of
the REs in number and scale of operations along with remarkable increase in the
adoption of innovative technologies by the REs is where the RBI felt the need
to introduce the Draft Omnibus Framework to regulate the sector effectively.
RBI expects the SROs to be their ally to aid in fostering innovation, transparency,
good governance, compliance, fair competition and consumer protection.
It is pertinent to note
that the existing SROs already recognized by the RBI would continue to be
governed by the guidelines/ regulations/ rules under which they were recognized
unless the Draft Omnibus Framework is specifically extended to such SROs.
The stakeholders and members of the public can submit their comments or feedback on the Draft Omnibus Framework, by January 25, 2024, through e-mail to RBI.
Stakeholders may access the detailed draft by clicking here.
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