TN Manoharan heads Committee on Secondary Markets

The 6-member RBI task force, headed by Canara Bank Chairman TN Manoharan, has recommended the setting up a Self-Regulatory Body (SRB) of market participants to finalize details for the secondary market for corporate loans, including the standardization of documents. It has also called for amending regulations of SEBI, IRDA and PFRDA to enable participation of non-banking entities such as mutual funds, insurance companies, and pension funds. It has also called for setting up a Central Loan Contract Registry (CLCR), as well as an online loan sales platform to conduct auctions and sale of such loans.