I am confident that, if we approach the issue with these principles in mind, it would assuage many apprehensions of members. In the context of the review of the 1977 Decision, my understanding is that the Decision derives its legal basis from Article IV Section 3(b) on surveillance over members’ exchange arrangements.
It is important to highlight here that Financial Stability Board has already started consultations on developing better understanding of the intricacies involved. Some of the large institutions like Goldman Sachs or J P Morgan Chase have set up internal groups to work in this area. Is it not the time for the Indian banking system to wake up to this possibility?