The International Swaps and Derivatives Association has presented the Reserve Bank of India with comments on its draft comprehensive guidelines on derivatives published at the end of last year. With derivative dealers eyeing expansion into India, there is hope the regulator may resolve uncertainty regarding the status of the instruments in India. The RBI, however, has not yet given an indication when it will return with the full guidelines.
The RBI posted draft guidelines on its website for a future risk management framework for Indian derivatives, allowing firms until Jan. 22 to respond (DW, 27/11). ISDA presented a document detailing the opinions of its members that according to officials was substantial and ran to some 16-pages. RBI did not answer calls and Angela Papesch, head of ISDA's Asian office in Singapore, did not return calls by press time.