Shadow banking, among other things, was deliberated upon at the Financial Stability Board Regional Consultative Group for Asia's meeting.
India is a part of the group.
During the group's meeting held in Tokyo today, the representatives discussed "efforts under way to reduce the mechanistic reliance on credit ratings and to strengthen oversight of credit rating agencies".
Since the financial meltdown in 2008, there has been much discussion on the role of credit rating agencies, especially with some countries having earlier expressed concerns about sovereign ratings assigned for them.
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"Members considered the FSB's high level policy framework for strengthened oversight of shadow banking relevant for the region.
"They noted that shadow banking activities differ across countries and hence the need for proportionality in the regulatory response, taking into account national circumstances and regulations in place," according to a statement issued by FSB.
From an Asian perspective, members also considered the impact on the region of the framework for, and requirements applicable to, systemically important financial institutions.
FSB, which works to ensure global financial stability, represents entities from 24 nations and jurisdictions, including India and international financial institutions, among others.
According to the statement, the regional group's members also discussed vulnerabilities and regional financial stability issues, including potential impact on Asia of a reduction in quantitative easing programmes underway by a number of central banks.
Meanwhile, the FSB is looking at ways to curb risks posed by shadow banking activities.
The risks from shadow banking, estimated to be worth trillions of dollars, gains attention especially since the global system is gearing up for stricter and stronger banking regulations.