As markets developed and lent confidence, the pace of reforms and liberalisation picked up and continued despite the myriad episodes of turmoil over the last decade and a half.
With the policy priority of ensuring that financial markets are sufficiently developed to meet the requirements of a growing economy and of users, both resident and non-resident, the reforms were reconfigured to deepen onshore financial markets, remove segmentation across market segments and increase the efficiency of price discovery, within a robust infrastructure and conduct framework. 7.