NEW DELHI: India’s financial market regulatory framework has got the top-most ratings from the global bodies of banking and capital market regulators, with RBI and SEBI being rated better than their peers in China and the US.
In the latest global ‘assessment study’ of the regulatory framework for financial market infrastructures across the world, only six countries, including India, have got the highest score of 4 for all eight parameters on a scale of one to four.The other five countries are Australia, Brazil, Hong Kong, Japan and Singapore.
The ‘Rating Level 4’ means that RBI and Sebi have all regulatory measures ‘fully in force’
The annual assessment studies the implementation status of the international Principles for Financial Mar ket Infrastructure (PFMIs) in various countries These PFMIs work as global standards for the financial sector entities across the world and have been finalised by the International Organisation of Securities Commissions (IOSCO) and the Bank for Interna tional Settlements (BIS).
IOSCO is a global grouping of capital markets regulators in different countries, including Sebi, while BIS is known as the central bank for all central banks across the world. The study showed that Sebi and RBI have put in place all necessary
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