The Financial Benchmark India Pvt. Ltd (FBIL) is jointly owned by FIMMDA, FEDAI and IBA. It was formed in December 2014 as a private limited company under the Companies Act 2013.
Key points
- Its aim is to develop and administer benchmarks relating to money market, government securities and foreign exchange in India.
- It is responsible for all the aspects relating to the benchmarks to be issued by it, namely, collection and submission of market data and information including polled data , formulation, adoption and periodic review of benchmark calculation methodologies, calculation, publication and administration of benchmarks confirming to the highest standards of integrity, transparency and precision.
- The FBIL was set up based on the recommendations of he Committee headed by Shri Vijaya Bhaskar.
- The FBIL is committed to providing financial benchmarks that are (i) free from bias, (ii) backed by robust data driven research and (iii) compliant with global best practices.
- Financial benchmarks are indices, values or reference rates used for the purpose of pricing, settlement and valuation of financial contracts.
- Globally huge volumes of financial transactions are referenced to or valued using various such benchmarks. Financial benchmarks play a very critical role in promoting efficient and transparent financial markets and ensuring financial stability.
- Benchmarks include MIBOR, MIFOR, and rupee’s reference rate versus 4 currencies. FBIL reference rate is used for rupee offshore settlements.
