Prominent issues including addressing external sector vulnerabilities and development of corporate bond market were discussed in the 5th meeting of the Financial Stability and Development Council in New Delhi on Saturday. According to an official release, the meeting held under the chairmanship of the Finance Minister P Chidambaram reviewed the recent global developments, specifically in the Eurozone and in United States. The need for a roadmap for a structural shift towards a diverse financial system with an adequate emphasis on corporate bond instruments was discussed. The Council also discussed a number of steps to be taken for rationalizing the framework for regulation of corporate debt with an aim to remove regulatory constraints and protect investors.