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Lok Sabha passed the Bilateral Netting of Qualified Financial Contracts Bill, 2020. Under the bill, a qualified financial contract (QFC) is a bilateral contract notified as a QFC by which of the following?

Lok Sabha passed the Bilateral Netting of Qualified Financial Contracts Bill, 2020. Under the bill, a qualified financial contract (QFC) is a bilateral contract notified as a QFC by which of the following? Correct Answer All 1, 2 and 3

The correct answer is Reserve Bank of India, Securities and Exchange Board of India and Insurance Regulatory and Development Authority of India.

  • Lok Sabha passed the Bilateral Netting of Qualified Financial Contracts Bill, 2020.
  • The Bill seeks to provide a legal framework for bilateral netting of qualified financial contracts which are over the counter derivatives contracts.
  • Bilateral netting refers to offsetting claims arising from dealings between 2 parties to determine the net amount payable or receivable from one party to another.
  • Under the bill, a qualified financial contract (QFC) is a bilateral contract notified as a QFC by a relevant authority such as the Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, Pension Fund Regulatory and Development Authority or International Financial Services Centres Authority.

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