Omnibus SRO Framework : Reserve Bank Of India
The Reserve Bank of India (RBI) has recently announced the finalisation of the Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for its Regulated Entities (RE).
- The framework aims to address the increasing operations of regulated entities and the adoption of innovative technologies, while also improving industry standards for self-regulation
- The Omnibus Framework is a comprehensive set of guidelines and regulations for recognising Self-Regulatory Organisations (SROs).
- The omnibus SRO framework sets out common objectives, functions, eligibility criteria, and governance standards for all SROs, regardless of the sector.
- It also establishes membership criteria and terms for SROs to follow in order to be recognised by the RBI.
- The framework represents the minimum requirements, and recognised SROs are encouraged to develop their best practices.
- The Reserve Bank may impose sector-specific additional conditions when calling for applications to recognise SROs, within the framework’s broad parameters.
- It facilitates a coordinated and integrated approach to regulatory oversight while allowing for sector-specific guidelines to be issued separately for different sectors.
- Aims to foster transparency, professionalism, and independence within SROs to build confidence in the integrity of the sectors they regulate.
