He regulator seeks broad-based markets by facilitating access, improving participation and protecting users to promote fair conduct.
“With the growth of Regulated Entities (RE), both in terms of number and scale of operations, the increase in adoption of innovative technologies and greater customer reach, there is a need to develop better industry standards for self-regulation,” the RBI said.Self-regulatory organizations (SRO) can play a vital role in this direction by proactively developing and ensuring the adoption and adherence to industry standards and best practices by its members in the financial markets.”
The SRO will act as a bridge between its members and the regulator. It will ensure better compliance with regulatory guidelinesdevelopment of early warning signals, protection of stakeholder interests and promotion innovation.
The regulator wants SROs to develop and implement a comprehensive code of conduct for their members to provide guidance and support, particularly to smaller entities in the sector, and to share best practices aligned with regulatory and statutory policies.
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