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FSDC reviews role of credit rating firms, stressed asset market development

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Kolkata: Promotion of stressed asset markets and role of credit rating firms remained the major focus for the Financial Stability and Development Council (FSDC) when a meeting of its sub-committee held in Mumbai Friday. The FSDC sub-committee chaired by the Reserve Bank of India Governor Shaktikanta Das also discussed issues related to financial frauds, audit standards and how to monitor group exposure more effectively. The role of credit rating firms has been under scanner of regulators after a spate of default by highly rated companies, especially non-banking finance companies.

The sub-committee also deliberated on revisiting the framework for early warning signals, RBI said in a press note.

Banks have been facing challenges in selling down stressed assets since the market needs more depth.

The committee in the presence of corporate affairs secretary Injeti Srinivas, economic affairs secretary Atanu Chakraborty, chief economic adviser Krishnamurthy Subramanian has discussed about measures to promote interest and competition in stressed asset markets, Securities - Exchange Board of India Chairman Ajay Tyagi, Insurance Regulatory and Development Authority of India Chairman Subhash Chandra Khuntia, Insolvency and Bankruptcy Board of India (IBBI) chairperson MS Sahoo and RBI deputy governors NS Vishwanathan, BP Kanungo and Mahesh Kumar Jain were also present to review the major developments in global and domestic economy and financial markets that impinge on the financial stability.




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