Which of the following are NOT the parts of Basel III framework:I. Pillar 1 consisting of Credit Risk, Operational Risk and Default Risk componentsII. Value at Risk models as a standardised approach to Credit RiskIII. Supervisory Review of solvency IV. Market Discipline requirements encouraging institutions to disclose relevant information only to its shareholders

The Basel III framework is divided into three pillars:

1. Pillar 1: Minimum Capital Requirements
2. Pillar 2: Supervisory Review Process
3. Pillar 3: Market Discipline

Now, let's analyze the options:

I. Pillar 1 consisting of Credit Risk, Operational Risk and Default Risk components: This is partially correct. Pillar 1 does consist of Credit Risk and Operational Risk, but it does not include Default Risk. Instead, it includes Market Risk.

II. Value at Risk models as a standardised approach to Credit Risk: This is incorrect. Value at Risk models are used for measuring Market Risk, not Credit Risk.

III. Supervisory Review of solvency: This is correct. The Supervisory Review Process (Pillar 2) includes the review of an institution's capital adequacy and risk profile, which would include solvency.

IV. Market Discipline requirements encouraging institutions to disclose relevant information only to its shareholders: This is incorrect. Market Discipline (Pillar 3) encourages institutions to disclose information to the public, not just to its shareholders.

So, the parts that are NOT part of the Basel III framework are II and IV, and partially I because it incorrectly includes Default Risk.