9SEPTEMBER 2024RBI INTRODUCES GUIDELINES FOR SELF REGULATION IN FINANCE MARKETSBPCL TO EXPAND CORE BUSINESSES AS PART OF PROJECT ASPIREThe Reserve Bank of India (RBI) on Monday introduced a framework for the recognition of self-regulatory organizations (SROs) in financial markets, setting a minimum eligibility threshold of 10 crores. This move aims to expand market participation, enhance user protection, and promote fair conduct in financial markets.As the number and scale of Regulated Entities (REs) grow, alongside the adoption of innovative technologies and greater customer reach, the RBI recognized the need for improved industry standards. The introduction of SROs is expected to address this by helping to develop and ensure adherence to best practices among financial market participants.SROs will serve as intermediaries between their members and the regulator, ensuring compliance with regulatory guidelines, providing early warning systems, and fostering innovation. Additionally, SROs will frame and enforce a code of conduct for their members, offering guidance and support, particularly to smaller entities. The goal is to align industry practices with statutory and regulatory policies, thereby improving overall market standards and protecting stakeholder interests. Bharat Petroleum Corporation (BPCL), a state-owned enterprise, has announced plans to invest 1.7 lakh crore over the next five years as part of its strategic initiative called 'Project Aspire.' This ambitious plan aims to expand its core businesses, including oil refining and fuel marketing, while also making significant investments in emerging sectors such as petrochemicals, green energy, gas, non-fuel retail, and digital services.BPCL currently holds around 14 percent of India's oil refining capacity and operates approximately a quarter of the country's fuel retail network. The company's chairman, G Krishnakumar, emphasized that the investment under Project Aspire is part of a multi-decade strategy to ensure long-term growth and sustainability.The initiative is built on two main pillars: "Nurturing the Core" and "Investing in Future Big Bets." While BPCL continues to grow its traditional businesses, it is equally focused on making strategic investments in new areas that align with the global energy transition.In addition to its growth plans, BPCL is also committed to achieving net zero carbon emissions from its operations by 2040. The company views this investment as essential to leading the energy transition and creating long-term value for stakeholders while ensuring environmental sustainability for future generations.
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