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Mumbai, July 20
The Reserve Bank of India has signed its renewed Statement of Commitment (SoC) to the FX Global Code, which is a compilation of best market practices, applicable to the wholesale foreign exchange market participants covering sell-side, buy-side and financial intermediaries.
The Code, which is voluntary in nature, has been formulated by central banks and market participants and developed under the auspices of Bank for International Settlements (BIS), Basel.
The Code does not impose any legal or regulatory obligation and is intended to be a supplement to the local laws, rules and regulations. It is currently being implemented globally by the Global FX Committee (GFXC) in co-ordination with the Local FX Committee (LFXC) in each jurisdiction.
IFXC formed
The central bank said it continues to support the principles of good practices within the Code. The RBI had also facilitated the formation of India FX Committee (IFXC) to promote adoption and adherence of the Code among forex market participants in India.
The Code, which was initially launched on May 25, 2017, was subsequently reviewed holistically and the updated Code was published by Global FX Committee on July 15, 2021.
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