DEBT MARKET – REGULATORY FRAMEWORK :

In India, a well developed banquet of laws such RBI Act, Law of Contract, Securities Contracts (Regulation) (SCRA) Act, Government Securities (GS) Act, Payment and Settlement Systems Act, Depositories Act, etc. define the legal framework for debt markets. The RBI Act has made it incumbent upon RBI to manage the public debt and also on Government to entrust public debt management to RBI. SCRA Act governs all the Contracts (transactions) in securities including Government Securities. The GS Act applied to Government Securities created and issued by the Central Government.