India's government is planning to modify the Reserve Bank of
India (RBI) act to give the central bank greater regulatory
powers over the OTC derivatives market, according to local
The development comes after weeks of behind the scenes
tussling between India's two market regulators, RBI and
Securities and Exchange Board of India (SEBI) over who should
have regulatory control over such derivatives (see FO
Week Vol 10 No 24).
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