The sub-committee of the Financial Stability and Development Council (FSDC), comprising heads of all regulators, met at the Reserve Bank of India (RBI) on Friday and discussed measures to promote interest and competition in stressed asset markets.
The sub-committee meeting, which was chaired by RBI Governor Shaktikanta Das, also discussed about measures to strengthen the systems against frauds, a statement by the central bank said.
The sub-committee also discussed how to enhance the scope of legal entity identifier to more effectively monitor group exposures, issues relating to credit rating agencies, and audit quality, as well as deliberating on revisiting the framework for early warning signals.
The meeting was attended by Ministry of Corporate Affairs Secretary Injeti Srinivas, Department of Economic Affairs secretary Atanu Chakraborty, Chief Economic Adviser Krishnamurthy Subramanian, Securities and Exchange Board of India Chairman Ajay Tyagi, Insurance Regulatory and Development Authority of India Chairman Subhash Chandra Khuntia, Insolvency and Bankruptcy Board of India Chairperson M S Sahoo, and RBI deputy governors and other officials.
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