It is a good venue for inter-regulatory cooperation, and its benefits are further augmented by personal interactions. For instance, Chairman SEBI and I try to get together once every month to note and resolve issues.
At the same time, while negotiations and cooperation between regulators can overcome organizational barriers, it is not wise to give a regulator a responsibility and leave the tools for exercising that responsibility in other hands. The RBI has responsibility for managing the internal and external value of the rupee, and more broadly, for macroeconomic stability.