Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026

RBI/FMRD/2026-27/407
FMRD.DIRD.No.02/14.03.046/2026-27

June 25, 2026

To
All participants in credit derivatives markets

Dear Sir/Madam,

Master Direction – Reserve Bank of India (Credit Derivatives) Directions, 2026

Please refer to Paragraph 13 of the Statement on Developmental and Regulatory Policies announced as a part of the Bi-monthly Monetary Policy Statement for 2025-26 dated February 06, 2026, regarding the introduction of derivatives on credit indices and total return swaps on corporate bonds. Accordingly, draft directions were released for public comments on February 06, 2026.

2. Based on the feedback received, the Directions have since been finalised and issued herewith.

3. These Directions have been issued by the Reserve Bank in exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934, and of all the powers enabling it in this behalf.

4. These Directions shall be applicable from immediate effect.

Yours faithfully

(Dimple Bhandia)
Chief General Manager

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