The Foreign Exchange Dealers’ Association of India (FEDAI) has been recognised as a Self-Regulatory Organisation (SRO) for all Authorised Dealers, following approval by the Reserve Bank of India.
FEDAI had submitted its application under the Omnibus Framework for recognition of SROs for Regulated Entities of the Reserve Bank, issued via a press release dated March 21, 2024. After examining the application and noting that FEDAI has long functioned in a manner similar to an SRO through rules governing the conduct of its members, the Reserve Bank decided to grant it formal recognition.
The RBI has given FEDAI a period of one year to align its functioning and governance framework with the Omnibus SRO framework and to take necessary steps to extend its membership to all categories of Authorised Dealers.