A gradually calibrated regulatory framework was created for these entities. Large and complex financial institutions As liberalisation led to the emergence of financial conglomerates cutting across sectors and geographical boundaries, a need for a framework for monitoring of Systemically Important Financial Intermediaries (SIFIs) or Financial Conglomerates was seriously felt.
Accordingly, a Financial Conglomerates (FC) Monitoring Mechanism was put in place in India since June 2004 and is being continuously upgraded.