New opportunities to diversify financial investments were opened up to savers in countries that had previously imposed foreign exchange restrictions. It became possible to construct portfolios with the desired combination of risk and return; at the same time, it became more difficult to manage portfolios, increasing the importance of the services offered by specialized intermediaries.
S S Mundra: Role of Audit Committees in financial conglomerates Special address by Mr S S Mundra, Deputy Governor of the Reserve Bank of India, at ICICI Bank, Mumbai, 13 January 2015. *  *  *  Introduction 1.