RBI awarded for its precautionary approach to the regulation of derivatives market..

Dufrenoy Prize for Responsible Innovation is an annual award instituted by Observatory for Responsible Innovation.

It gave its first prize to RBI for outstanding precautionary approach to the regulation of derivative markets.  It held a conference in 2011 and based on a speech by Ms Shyamala Gopinath (Dep Governor then, decided to nominate RBI:

The Observatory for Responsible Innovation, held its first Annual Conference on “Debating Responsible Innovation in Finance” in Paris on November 30, 2011. The conference was attended by professionals from financial services industry, regulatory bodies, policy institutions and media. Smt. Shyamala Gopinath, former Deputy Governor, Reserve Bank of India was invited to speak at this conference. She spoke on the RBI’s approach to innovation, specifically to regulating OTC derivatives. The Reserve Bank was nominated by the Observatory on the basis of the speech delivered by Smt. Gopinath.

Really ironical for RBI to be receiving this award. Huge criticism were (still are) showered on RBI for its draconian policies on financial markets particularly derivatives. This paper even blamed RBI for all the ills in the financial sector. However, RBI stuck to its guns and reformed slowly and gradually.

Way to go for RBI..

One Response to “RBI awarded for its precautionary approach to the regulation of derivatives market..”

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