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    <title>Report of the Standing Council on international competitiveness of the Indian financial sector, Volume 1</title>
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    <description>The report evaluates international competitiveness of India&#039;s currency, equity and commodity derivatives markets using eight factors-capital controls, tax policy, regulatory risk, frictions, domestic market depth, position limits, trading hours and margins-and finds that capital controls, source-based taxation, high regulatory risk and procedural frictions substantially impair onshore competitiveness. It documents empirical market deterioration after abrupt 2013 interventions in INR derivatives and proposes short-, medium- and long-term reforms including FATF-aligned KYC, Handbook (2013) governance, rationalised margins/limits, residence-based taxation, and legal changes to enable OTC, options and cash-settled commodity contracts.</description>
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