"India is committed to adopting OTC derivatives reforms. However, the pace and scope of reform implementation depend on the domestic market conditions and characteristics," it said in a report on 'OTC Derivatives Market Reforms'. In India, the OTC derivative products were introduced by RBI in a phased manner, keeping in view the hedging needs of the real sector.
Reasonable progress has been made in enforcing the OTC derivative reform measures since RBI initiated steps for adoption of the G-20/FSB (Financial stability board) reforms, said the report prepared by an RBI-constituted implementation group.
The group was set up to guide the implementation process of key reform measures being undertaken by FSB.
The report said the roadmap for implementation of reform measures with regard to OTC derivatives has been worked out with timelines extending up to March 2015.
"As some of the milestones are dependent on exogenous variables like improvement in liquidity, there is a possibility the timelines may be revised," it said.
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