RBI Recognises FEDAI as Self-Regulatory Organisation for Authorised DealersIn January 2026, the Reserve Bank of India (RBI) recognised the Foreign Exchange Dealers’ Association of India (FEDAI) as a Self-Regulatory Organisation (SRO) for all Authorised Dealers (ADs) under the Omnibus Framework for Self-Regulatory Organisations (SROs) of the RBI.
RBI Recognition of FEDAI as SRO:
Recognition: RBI formally recognised FEDAI as a SRO based on its long-standing role in governing conduct in the foreign exchange (Forex) market.
Role: As an SRO, FEDAI will frame standards, promote best practices, ensure ethical conduct, and monitor compliance among Authorised Dealers.
Framework: The Omnibus SRO Framework aims to strengthen self-regulation, enhance accountability, ensure consistency, and reduce RBI’s regulatory burden.
Transition: RBI has granted FEDAI one year to align its governance and operations with Omnibus SRO requirements, including system upgrades and transparency enhancements.
RBI Approves Japan’s SMBC to Set Up Wholly Owned Subsidiary in India
In January 2026, the Reserve Bank of India (RBI) granted in-principle approval to Japan-based Sumitomo Mitsui Banking Corporation (SMBC) to establish a wholly owned subsidiary (WOS) in India under the RBI (Setting Up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025.

• Regulation: The final banking licence will be issued under Section 22(1) of the Banking Regulation Act, 1949, upon fulfillment of RBI conditions.

 Foreign Exchange Dealers’ Association of India (FEDAI):
Chairman – Srinivasa Panigrahi (Chief General Manager (CGM), Global Markets at State Bank of India, SBI)
Headquarters – Mumbai, Maharashtra
Established – 1958