India's credit derivatives market took a step forward last month with the release of draft guidelines issued by the country's central bank and regulator, the Reserve Bank of India (RBI). This is not the first time that India has set out to provide a framework for the country's credit derivatives market. The RBI first issued a set of proposals in 2003 though these were never implemented due to lack of market interest. However, sentiment seems to have turned since then.
"The RBI is taking this