Report in section 1.25 (page 9) acknowledges benefits of co-ordination and that of living common trading infrastructure. It also recommends a formal regulatory mechanism between SEBI and RBI in respect of all financial derivative markets. However, the report does not suggest any means to achieve this co-ordination. Lack of co-ordination between SEBI and RBI may have disastrous consequences for investors/players. There are domestic and international precedents for such unfortunate disasters (CRB & Barings). If the Committee is in favour of setting up an authority such as Financial Services Authority of U.K., the Committee should recommend that to be appointed before derivatives trading is allowed in the country.