The opening up of markets, thus, has followed a gradualist strategy. This has kept us in good stead with no major market seizure even during the height of global financial crisis. In recognition of the precautionary approach to the regulation of the derivative market in facilitating financial innovation in a responsible manner, Reserve Bank has been awarded the 2012 Dufrenoy Prize for responsible innovation.
Best practices could be a valuable output. 2/2  BIS central bankers' speeches