| Notification Detail :
RBI/2024-25/117
FMRD.DIRD.16/14.03.042/2024-25
February 21, 2025
To
All Eligible Market Participants
Madam/Sir,
Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025
Please refer to press release dated December 28, 2023, regarding issuance of draft Directions on Bond Forwards for public feedback.
2. Based on the feedback received from the market participants, the draft Directions have been finalised and the Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025, are being issued herewith. Necessary amendments to the Gazette Notification (S.O. 2192 (E) dated 8th January 2010) have been notified in the Official Gazette vide Gazette Id no. CG-MH-E-13022025-260991 dated February 13, 2025, a copy of which is annexed to this circular.
3. Further, the following Directions have been updated, as attached, to enable transactions in forward contracts in government securities:
- Master Direction – Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021; and
- Master Direction – Reserve Bank of India (Margining for Non-Centrally Cleared OTC Derivatives) Directions, 2024.
4. These Directions have been issued in exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934 read with section 45U of the Act and of all the powers enabling it in this behalf.
Yours faithfully,
(Dimple Bhandia)
Chief General Manager
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