RBI-regulated entities interface set for a change with bigger role for SROs

An omnibus framework for self-regulatory organisations (SRO), sector-agnostic at that, is in the works. “SROs can play an important role in strengthening the compliance culture among their members and also provide a consultative platform for policy making,” said Reserve Bank of India (RBI) governor Shaktikanta Das. Paragraph 28 of the October 6 Monetary Policy Statement is significant – it breathes life into Finance Minister Nirmala Sitharaman’s statement in the Annual Budget for FY23 that financial regulators would be requested “to carry out a comprehensive review of existing regulations so as to simplify, ease and reduce cost of compliance.”

The financial topography