RBI revises Norms for Core Investment Companies

Current Context: Reserve Bank of India has taken the decision to tighten the norms of Core Investment Companies (CIC).

• The decision to tighten the norms for CICs is taken after the recommendations of the Working group which was asked to Review the Regulatory and Supervisory Framework for CICs.
• The committee to review the framework for CICs was chaired by Tapan Ray.
• As per the decision, RBI says that the parent CIC in a group will have to form a committee (Group Risk Management Committee) which will analyse risk to which the group is exposed.
• The Group Risk Management Committee (GRMC) will report to the board of CIC atleast once in a quarter.
• The GRMC will discuss all risk strategies at an aggregated level depending upon the type of risk. 
• Also as per other decision, CICs with an asset of over Rs 5000 crore will have to appoint Chief risk officer.
• If a CIC makes any direct or indirect equity investment in another CIC, it will be deemed as a layer for the investing company. 
• Also, RBI has directed CICs to maintain a functional website which will display annual reports, corporate governance report, management discussions and meeting reports etc.
• Static Part: 
• HQ of RBI: Mumbai
• Governor of RBI: Shaktikanta Das

Question: 

Q.1 Who head the committee to provide recommendations of the working group which was asked to Review the Regulatory and Supervisory Framework for CICs?
a. Bibhu Prasad Kanungo
b. Mahesh Kumar Jain
c. Tapan Ray
d. Michael Debabrata