Parliament passes Bilateral Netting of Qualified Financial Contracts Bill
National
- Parliament has passed the Bilateral Netting of Qualified Financial Contracts Bill, 2020 with Rajya Sabha approving it.
- The bill provides a legal framework for bilateral netting of qualified financial contracts.
- Netting refers to offsetting of all claims arising from dealings between two parties to determine a net amount payable or receivable from one party to another.
- The provisions of the bill will apply to Qualified Financial Contracts between two qualified financial market participants where at least one party is an entity regulated by the specified authorities RBI, SEBI, IRDAI, PFRDA or the IFSCA.
Source: AIR
Related General Knowledge
Reserve Bank of India
- The Reserve Bank of India is India's central bank, which controls the issue and supply of the Indian rupee.
- RBI is the regulator of entire Banking in India.
- RBI plays an important part in the Development Strategy of the Government of India.
- Governor: Shaktikanta Das
- Headquarters: Mumbai
- Founded: 1 April 1935, Kolkata
Securities and Exchange Board of India
- The Securities and Exchange Board of India is the regulator of the securities and commodity market in India owned by the Government of India.
- It was established in 1992 and given Statutory Powers on 12 april 1992 through the SEBI Act, 1992.
- Founded: 12 April 1992
- Sector: Securities market
- Headquarters: Mumbai
- Chairperson: Ajay Tyagi