RBI Recognizes FIMMDA as SRO in Financial Markets

The Reserve Bank of India (RBI) has officially recognized the Fixed Income Money Market and Derivatives Association of India (FIMMDA) as a Self-Regulatory Organisation (SRO) within financial markets under its regulation. This announcement was made on Wednesday, marking a significant step in the RBI's ongoing efforts to enhance oversight and compliance in financial markets.

Last August, the RBI released a framework designed for the recognition of Self-Regulatory Organisations (SROs) with the intention to bolster compliance culture and provide a platform for policy consultation. FIMMDA's recognition comes as a result of its application meeting the framework's criteria.

FIMMDA, established in May 1998, comprises commercial banks, public financial institutions, primary dealers, and insurance companies. It voluntarily represents the fixed income, money, and derivatives markets, encompassing all major segments within these sectors.

(With inputs from agencies.)