While doing so, we have always kept the management of risks and addressing AML concerns as a cornerstone of our policy. Based on this approach, we have ushered in several rationalisation measures. But as we all know, while the regulator can act as a catalyst, it is the issuers who have to hit the ground running.
Third, have the industry associations done what could have been done? Are we focusing too much on so called stumbling blocks and regulations instead of channelising our energies in achieving the required scale of operations? Let me not pre-judge. But, may be it is time for more introspection.