Regulatory framework for OTC derivatives  Explicit regulation of OTC derivatives in India has been a key element of the policy framework which has helped in preserving systemic stability. The responsibility for the regulation of all interest rate, forex and credit derivatives, including OTC derivatives, vests with the Reserve Bank of India (RBI).
Legally, the RBI derives these powers from various statutes including the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the Foreign Exchange Management Act, 1999 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.