FEDAI Recognised by RBI as SRO for Authorised Dealers
Why in the news
RBI named the Foreign Exchange Dealers’ Association of India (FEDAI) as the self-regulator for Authorised Dealers, under its Omnibus SRO Framework.
Key facts
- Basis: FEDAI’s long record shaping forex market conduct.
- Role: set codes of conduct, promote ethics, monitor compliance, supervise at first level.
- Transition: one year to upgrade governance, systems and transparency.
- Framework goals: stronger self-regulation, accountability, and lighter load on RBI.
FEDAI
- Apex body of forex dealers; chaired by Srinivasa Panigrahi of SBI.