Omnibus Framework for recognition of Self-Regulatory Organisations for Regulated Entities of the Reserve Bank
Pursuant to the announcement made in the Statement on Developmental and Regulatory Policies of the Reserve Bank, as part of its Monetary Policy Statement – 2023-24 (dated October 06, 2023), a draft framework titled ‘Draft Omnibus Framework for recognising Self-Regulatory Organisations for its Regulated Entities’ was issued for public comments on December 21, 2023. Based on the examination of the inputs received, the Reserve Bank has now finalised the Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for its Regulated Entities, which is given in the Annex.
2. 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.