Shri. N. S. Venkatesh, Chairman, Fixed Income Money Market Derivatives Association (FIMMDA), Shri B. Prasanna, Chairman, Primary Dealers Association of India (PDAI), Sri. C.E.S. Azariah, outgoing Chief Executive Officer and Shri Prasad, incoming CEO of the FIMMDA, distinguished speakers and panellists and delegates to the conference. It gives me immense pleasure to be amidst you all for the 15th annual meeting of the FIMMDA and the PDAI in this beautiful, historic city of Jaipur. After holding meeting overseas for some years, holding the meeting here is like home coming. Jaipur with its majestic forts and palaces, archaeological monuments and beautiful gardens provides appropriate ambience for the bond and derivatives dealers to reflect on the very topical subject of the conference: Risk, Regulation & Opportunities in Globalised Markets. I would like to compliment the organizers for very thoughtfully choosing the session themes covering dynamics of Impossible Trinity in the context of the EMEs, liquidity risk and capital requirements under the Basel framework, regulations relating to Financial Market Infrastructures (FMIs) and current issues and challenges in the financial market development and the eminent panellists. By way of background to some of the issues that would be discussed in these sessions, I would like to share some perspectives on regulations of Indian debt and derivatives markets in the recent times in the context of post-crisis paradigm.