Although methodologies used for determination of major Indian benchmarks were found generally satisfactory by the Committee, it has recommended for bringing in several improvements on the lines of international developments. Wherever possible, the benchmark calculation is to be based on observable transactions subject to appropriate threshold.
Overnight MIBOR fixing is to be shifted from the existing polling method to volume weighted average of call trades. On the governance of the benchmarks, the Committee has recommended several measures for strengthening the governance frameworks with the benchmark administrators, calculation agents as well as the submitters.