Some of the recommendations, such as, freedom to cancel and rebook forward contracts of any tenor, delegation of powers to ADs for grant of permission to corporates to hedge their exposure to commodity price risk in the international commodity exchanges/ markets and extension of the trading hours of the inter-bank foreign exchange market have already been implemented.
The Reserve Bank has placed the report in the public domain for comments and the feedback received will be taken into consideration for arriving at a final decision in this regard. Greater liberalisation requires banks to act responsibly in order to provide confidence to corporate entities going in for derivative transactions in addition to satisfying regulations.