I would urge the Primary Dealers Association and FIMMDAI to coordinate and implement these recommendations as quickly as possible, since as I understand, these are issues where participants themselves can work out the modalities for implementation. Legal and regulatory issues A landmark development in the regulatory framework in the financial sector relates to recent amendments to Securities Contracts (Regulation) Act 1956.
With the amendment, it is possible by Government to delegate some responsibilities to the RBI. These amendments would help RBI put in place, from time to time, appropriate regulatory frameworks, keeping in view rapid changes in financial institutions, instruments and practices governing money, Government Securities and forex markets, apart from gold-related financial products.