Key Points
Kolkata: The Reserve Bank of India has come up with a final omnibus framework for self regulatory organisations mandating them to set up grievance redressal mechanisms for members and a non-discriminatory fee structure, among others...
The omnibus framework prescribes the broad objectives, functions, eligibility criteria and governance standards, which will be common for all SROs, irrespective of the sector..
"The framework is the minimum requirement and the recognised SROs will be encouraged to develop their best practices," RBI said...
In general, the regulator expects SROs to be an ally of it in ensuring better compliance with the regulatory guidelines, development of the sector, protection of stakeholder interests, foster innovation and detection of early warning signals...
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