RBI finalises Omnibus Framework for recognising Self-Regulatory Organisations for its Regulated Entities

The Reserve Bank of India or RBI has now finalised the Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for its Regulated Entities. The omnibus framework contains broad parameters viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition, which will be common for any SRO proposed to be recognized by the Reserve Bank. Other sector-specific guidelines like number of SROs, membership, etc., shall be issued separately by the respective departments of the Reserve Bank wherever a sectoral SRO is intended to be set up.

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