Given the requirement of Basel III to have common equity as the dominant part of Tier I capital, and Tier I to be the major part of regulatory capital, and given that Indian banks are already well placed in this respect, it would be advisable to retain the advantage even though the new norms will kick in only in a phased manner.
I can understand that the market participants with global businesses would like to see progress towards a global infrastructure; but they have also been very clear in telling us that the major cross-border costs in securities markets arise from lack of harmonisation.