In several areas, fundamental changes in the legal and institutional infrastructure are pre-requisites. Since these changes can impinge upon the socio-cultural as well as politico-economic ethos, appropriate adoption and some prioritisation in implementation are unavoidable. We have made some noteworthy progress in generating a constructive debate on the applicability of international standards and codes to the Indian financial system.
Participative consultation has been supported by internal self-assessments as well as external assessment. In several areas, the issues are of a technical nature.