RBI governor to lead market surveillance panel

The Reserve Bank of India has formed a high power committee headed by the governor for integrated market surveillance and alert systems. The committee is to strengthen market supervision and monitoring.

Three sub-committees have been formed with recommendatory authority to report to the higher level. Each sub-committee will represent a different segment of market participation.

There will be an RBI committee with members from central banks, a committee of the Securities and Exchange Board of India and committee of the Insurance Regulatory and Development Authority.

A number of steps have been taken by the RBI for stringent market surveillance, including pilot implementation of risk-based supervision in select banks.

The RBI has also initiated the process of preparing banks to adopt the new Basel Capital Accord.

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