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ARTICLE · 14 NOVEMBER 2019

RBI Market Abuse Directions: A Mature Development

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Notably, the directions explicitly pre¬scribe that market participants cannot engage in market manipulation.

IndiaFinance and Banking
Sawant Singh
Sawant Singh
Aditya Bhargava
Aditya Bhargava
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In June 2018, in what might have been considered a period of relative stability (given the events that transpired thereafter), the Reserve Bank of India (RBI), in its statement on developmental and regulatory policies, proposed the issuance of directions that would prevent abuse in markets regulated by the RBI.

These directions would be in line with global best practices and would be, in addition to other regulations, aimed at increasing the depth of the financial markets. In this vein, while the RBI issued draft directions in September 2018 for public comments, the final Reserve Bank of India (Prevention of Market Abuse) Directions, 2019, were only issued in March 2019, delayed perhaps by turbulent market conditions.

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