Question
Which of the following is incorrect about FIMMDA (Fixed
Income Money Market and Derivatives Association of India)? i. It is created under FIMMDA Act 1982 to interface with market regulators ii. Its members include Public Sector Banks, Private Sector, Foreign Banks and Primary Dealers. iii. FIMMDA also deals with legal and accounting norms, documentation and Valuation methodologies of the instrumentsSolution
FIMMDA stands for The Fixed Income Money Market and Derivatives Association of India (FIMMDA). It is an Association of Commercial Banks, Financial Institutions and Primary Dealers. FIMMDA is a voluntary market body for the bond, Money and Derivatives Markets. So this is not a statutory body and has not been created under any act.
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