RBI Releases Framework for ‘Recognition of Self-Regulatory Organisations in Financial Markets’
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Press Release No. 2024-2025/926, Dated: 19.08.2024
The RBI has released a framework for ‘Recognition of Self-Regulatory Organisations (SROs) in Financial Markets’ to help strengthen compliance culture and provide a consultative policy-making platform.
The framework specifies the broad parameters, such as objectives, responsibilities, eligibility criteria, membership, governance standards, and application process, to recognise SROs in financial markets.
SROs can play a vital role by developing and ensuring the adoption and adherence of industry standards and best practices by their members in the financial markets. An SRO is expected to operate with credibility, objectivity, and responsibility to maintain integrity, ensure professionalism, promote ethical conduct, and improve regulatory compliance for the healthy development of financial markets.
Further, the SRO’s primary responsibility towards its members is to promote best business practices. The SRO must establish minimum benchmarks and conventions for professional market conduct among its members and is also expected to act as a bridge between its members and the RBI.
Also, an SRO is expected to operate with transparency, professionalism and independence in order to foster greater confidence in the integrity of the sector. Compliance with the highest standards of governance is a pre-requisite for an effective SRO.
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