Has the Indian forex market become a closed club where the behaviour of the market participants is getting too predictable? Do we then allow new category of members as market makers, for example, the stand-alone primary dealers or select non-bank finance companies? Are we prepared for an open minded debate? BIS central bankers’ speeches  5  23.
Now, I come to the second theme of my discussion, that is, opening up of capital account. Having declared complete openness on the current account as early as 1994, we thought that we can soon attain capital account convertibility as well.