MC EXCLUSIVE FIMMDA members elects six new directors from PSU, private banks after SRO recognition, say sources

new_appointment

The members of the Fixed Income Money Market and Derivatives Association of India (FIMMDA) have elected six new directors to its board, equally split between state-owned and private sector banks, people familiar with the development told Moneycontrol.

The elections were held last week following FIMMDA’s recent recognition as a self-regulatory organisation (SRO), which has led to a restructuring of its board.

From the PSU space, State Bank of India, Union Bank of India and Bank of Baroda have secured representation. On the private sector side, the elected directors are from HDFC Bank, Axis Bank and ICICI Bank, a source said.

The directors are from the treasury departments of these banks, a source cited above said.

“The election took place last week and six people have been elected as directors, three each from PSU and private banks,” said a person who was present during the election process.

The board reconstitution follows FIMMDA receiving SRO status from the Reserve Bank of India (RBI) on May 7, 2025. With this recognition, FIMMDA has been granted enhanced powers to oversee the conduct of its members and enforce fair market practices in the fixed income, money market and derivatives segments.

Another person aware of the development said the total strength of the FIMMDA board has been cut to six from 11 after becoming an SRO.

Formed in 1998, FIMMDA represents banks, insurance companies, primary dealers and other financial institutions active in the fixed income, money market and derivatives markets. Over the years, it has played a key role in developing market practices by publishing benchmark rates such as the Mumbai Interbank Offered Rate (MIBOR), issuing standardised documentation and providing operational guidance to market participants. Under the new SRO framework, its role in market oversight is expected to deepen further.