RBI invites comments on draft Self-Regulatory Organisation framework

Guneet Mayall

December 28, 2023

RBI Invites Comments on Draft Self-Regulatory Organisation Framework

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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