Next, I will explain why the efforts of the FDIC have been so important in developing credibility for the Title II resolution mechanism for systemically important firms and identify some of the important work that remains, not just for the FDIC, but for a range of official sector and private actors, here and abroad.
The Deshpande Committee highlighted these gaps and overlaps and recommended amendment to Section 29A of the Securities Contract (Regulation) Act 1956 to enable the government to provide jurisdiction to the RBI also in regulation over money and debt markets. With this, the respective regulatory roles of the RBI and SEBI in the debt market will be formalised.