I urge the three institutions to expedite the process so that the new company can take appropriate steps to implement the recommendations of the Committee at the earliest and become compliant with the IOSCO Principles on Financial Benchmarks already endorsed by the FSB working on the mandate from G-20. 24.
As you know, based on the recommendations of Committee, the Reserve Bank has issued guidelines on April 16, 2014 specifying measures to be implemented by the banks and PDs acting as Benchmark Submitters for strengthening the governance framework for submission.