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India's Financial Sector

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India's Financial Sector INDIA’S FINANCIAL SECTOR AN ASSESSMENT Volume V Advisory Panel on Institutions and Market Structure Committee on Financial Sector Assessment March 2009 ž¸¸£÷¸ ¬¸£ˆ ¸£ GOVERNMENT OF INDIA RESERVE BANK OF INDIA © Committee on Financial Sector Assessment, 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording and/or otherwise, without the prior written permission of the publisher. Sale Price: Rs. 2,000 Volumes I-VI (including one CD) Exclusively distributed by: Foundation Books An Imprint of Cambridge University Press India Pvt. Ltd, Cambridge House, 4381/4, Ansari Road Darya Ganj, New Delhi - 110 002 Tel: + 91 11 43543500, Fax: + 91 11 23288534 www.cambridgeindia.org Published by Dr. Mohua Roy, Director, Monetary Policy Department, Reserve Bank of India, Central Office, Mumbai - 400 001 and printed at Jayant Printery, 352/54, Girgaum Road, Murlidhar Temple Compound, Near Thakurdwar Post Office, Mumbai - 400 002. Composition of the Advisory Panel on Institutions and Market Structure Shri C. M. Vasudev Former Secretary Chairman Department of Economic Affairs Ministry of Finance Government of India Shri C. B. Bhave Chairman and Managing Director Member National Securities Depository Ltd. (up to February 15, 2008) Dr. K. C. Chakraborty Chairman and Managing Director Member Punjab National Bank Dr. R. Chandrasekhar Dean, Academic Affairs Member Institute for Financial Management and Research Dr. Ashok Ganguly Chairman, Firstsource Solutions Ltd. Member Dr. Omkar Goswami Chairman, CERG Advisory Pvt. Ltd. Member Shri Y. H. Malegam Chartered Accountant Member Dr. Nachiket Mor Deputy Managing Director, ICICI Bank Ltd. Member Shri T.V.Mohandas Pai Member of the Board, Infosys Ltd. Member Shri Gagan Rai Chairman and Managing Director Member National Securities Depository Ltd. (from February 25, 2008) Dr. Janmejaya Sinha Managing Director Member Boston Consulting Group Special Invitees Shri Jitesh Khosla Joint Secretary Ministry of Corporate Affairs Government of India Dr. K. P. Krishnan Joint Secretary (Capital Markets) Department of Economic Affairs Ministry of Finance Government of India Dr. R. B. Barman Executive Director Reserve Bank of India Shri Anand Sinha Executive Director Reserve Bank of India Shri C. R. Muralidharan Member Insurance Regulatory and Development Authority Shri Sandeep Parekh Adviser (Legal) Securities and Exchange Board of India Contents Chapter Subject Page No. I. Approach to Assessment ................................................................................... 7 II. Assessment of Accounting Standards .............................................................. 17 III. Assessment of Auditing Standards .................................................................. 71 IV. Assessment of Corporate Governance Standards ........................................... 139 V. Assessment of Payment and Settlement Systems .......................................... 257 VI. Assessment of Effective Insolvency and Creditor Rights Systems ................ 393 VII. Summary of Recommendations ....................................................................... 563 1 List of Acronyms AAS Auditing and Assurance Standards CBLO Collateralised Borrowing and AASB Auditing and Assurance Standards Lending Obligation Board CC Clearing Corporation ACH Automated Clearing House CCIL Clearing Corporation of India Ltd. ADR American Depository Receipt CCP Central Counterparty AGMs Annual General Meetings CDR Corporate Debt Restructuring AI Approved Intermediary CDSL Central Depository Services Limited AoA Articles of Association CEO Chief Executive Officer APC Auditing Practices Committee CFO Chief Financial Officer AR Audited Results CG Corporate Governance AS Accounting Standards CGTSI Credit Guarantee Fund Trust for ASB Accounting Standards Board Small Industries ASSOCHAM Associated Chambers of CH Clearing House Commerce and Industry of India CIC Act Credit Information Companies BCBS Basel Committee on Banking Act Supervision CII Confederation of Indian Industry BIFR Board for Industrial and Financial CLB Company Law Board Reconstruction CLS Continuous Linked Settlement BIS Bank for International Settlements CM Clearing Members BMC Base Minimum Capital CP Custodial Participant BO Beneficial Owners CPC Civil Procedure Code BoD Board of Directors CPE Continuing Professional Education BOISL Bank of India Shareholding Ltd. CPSIPS Core Principles for Systemically BOLT BSE Online Trading System Important Payment Systems BPSS Board for Regulation and CPSS Committee on Payment and Supervision of Payment & Settlement Systems Settlement Systems CrPC Criminal Procedure Code BR Act Banking Regulation Act C & S Clearing and Settlement BSE Bombay Stock Exchange CSD Central Securities Depository CA Companies Act DBOD Department of Banking CAG Comptroller and Auditor General Operations and Development of India DBS Department of Banking CASLB Committee on Accounting Supervision Standards for Local Bodies DICGC Deposit Insurance and Credit CBDT Central Board of Direct Taxes Guarantee Corporation 3 DIP Disclosure and Investor HR Human Resources Protection HVC High Value Clearing DNS Deferred Net Settlement HVCCS High Value Cheque Clearing DP Depository Participant System DRT Debt Recovery Tribunal IAASB International Auditing and DvP Delivery Versus Payment Assurance Board ECS Electronic Clearing Services IAPC International Auditing Practices Committee ECGC Export Credit Guarantee Corporation of India IAS International Accounting Standards EFT Electronic Funds Transfer IASB International Accounting EGM Extraordinary General Meeting Standards Board ELM Extreme Loss Margin IASC International Accounting ESOP Employee Stock Option Scheme Standards Committee ESPS Employee Share Purchase IBA Indian Banks’ Association Scheme ICA Inter-credit Agreement EU European Union ICAI Institute of Chartered FASB Financial Accounting Standards Accountants of India Board ICSI Institute of Companies FDR Fixed Deposit Receipts Secretaries of India FICCI Federation of Indian Chambers ICWAI Institute of Cost and Works of Commerce and Industry Accountants of India FII Foreign Institutional Investors IDL Intra-day Liquidity F & O Futures and Options IEPF Investors Education and FRRB Financial Reporting Review Board Protection Fund FSAP Financial Sector Assessment IFAC International Federation of Programme Accountants FSF Financial Stability Forum IFRIC International Financial Reporting Interpretations Committee GAAP Generally Accepted Accounting Principles IFRS International Financial Reporting Standards GASAB Government Accounting Standards Advisory Board IFTP Inter-bank Funds Transfer Processor GCC General Credit Card INTOSAI International Organisation of GDR Global Depository Receipt Supreme Audit Institutions GIC General Insurance Corporation IPSAB International Public Sector GoI Government of India Accounting Standards Board GS Act Government Securities Act IMF International Monetary Fund HLCCFM High Level Co-ordination IMS Institutions and Market Committee on Financial Markets Structure 4 IMSS Integrated Market Surveillance MNSB Multilateral Net Settlement Systems Batch IOSCO International Organisation of MTM Mark-to-market Securities Commission NABARD National Bank for Agriculture and IPC Indian Penal Code Rural Development IPSASs International Public Sector NACAS National Advisory Committee on Accounting Standards Accounting Standards IPO Initial Public Offer NBFC Non-banking Financial IRDA Insurance Regulatory and Companies Development Authority NCIT Non-custodial Institutional Trade IS International Standards NCLAT National Company Law Appellate ISA International Standards on Tribunal Auditing NCLT National Company Law Tribunal ISAE International Standards on NDS Negotiated Dealing System Assurance Engagement NDS-OM Negotiated Dealing System Order ISIN International Securities Matching Identification Number NEAT National Stock Exchange for ISQC International Standards on Automated Trading Quality Control NECS National Electronic Clearing ISRE International Standards on Services Review Engagement NEFT National Electronic Funds Transfer ISRS International Standards on NGO Non-governmental Organisation Related Services Engagement NHB National Housing Bank ISSA International Securities Services Association NI Act Negotiable Instrument Act NPOs Not-for-profit Organisations IT ACT Information Technology Act KCC Kisan Credit Card NSCCL National Securities Clearing Corporation Limited LA Listing Agreement NSDL National Securities Depository LIC Life Insurance Corporation of India Ltd. LoC Line of Credit NSE National Stock Exchange MCA Ministry of Corporate Affairs NSS National Standards-setter MDA Management Discussion and OECD Organisation of Co-operation and Analysis Economic Development MoU Memorandum of Understanding O L Official Liquidator MF Mutual Fund PAN Permanent Account Number MICR Magnetic Ink Character PCM Professional Clearing Member Recognition PD Primary Dealers MMBCS Magnetic Media-based Computer System PDO Public Debt Office 5 PI Participant Interface SIC Standing Interpretations PU Practice Unit Committee QRB Quality Review Board SICA Sick Industrial Companies (Special Provision) Act RBI Reserve Bank of India SIPS Systemically Important Payment RoC Registrar of Companies Systems ROSC Report on the Observance of SLB Securities Lending and Standards and Codes Borrowing RRBs Regional Rural Banks SMAC Secondary
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