In determining the appropriate degree of transparency, the benefits must be balanced against costs. Transparency should not mean that there will be a one-size-fits-all code on this. Of course, in the final analysis, transparency will be with reference to factors considered relevant, which itself depends on the model for analysis that is considered useful.
Also, transparency gives facts, but inference is a different matter and a judgment based on such inference is yet another matter. Personally, I believe that transparency is primarily the best test of our good intentions. Hence, the Reserve Bank of India is disseminating exhaustive information relating to activities, both in the primary and secondary markets, especially the government securities market.