Further, segmentation in gilt securities failed to create a credible benchmark to price other long-term securities in India despite an intensive effort by the RBI to consolidate the issuance of gilt securities. Accordingly, there is a tendency to adopt lopsided structures in the form of over-reliance on equity.
BIS central bankers’ speeches  7  Second, we need to reduce further the risk of runs on money market mutual funds. Late last year, the Council issued a proposed recommendation on this subject that offered three reform options. Last month, the SEC issued a proposal that includes a form of the floating net asset value (NAV) option recommended by the Council.