{"id":254516,"date":"2021-09-21T15:30:31","date_gmt":"2021-09-21T10:00:31","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=254516"},"modified":"2021-09-21T14:41:04","modified_gmt":"2021-09-21T09:11:04","slug":"rbi-releases-master-direction-on-rbi-market-makers-in-otc-derivatives-directions-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/21\/rbi-releases-master-direction-on-rbi-market-makers-in-otc-derivatives-directions-2021\/","title":{"rendered":"RBI releases Master Direction on RBI (Market-makers in OTC Derivatives) Directions, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">The Reserve Bank of India has issued Master Direction on Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021 vide notification dated September 16, 2021. These Directions shall be applicable to entities permitted to act as market-maker in OTC derivatives in terms of the Governing Directions. These directions shall come into force on January 03, 2022. The key points of the directions include:<\/p>\n<ul style=\"text-align: justify;\">\n<li>It constitutes a policy for the introduction of new OTC derivative products must comprise of the process for evaluation and approval of new products.<\/li>\n<li>The due diligence for the introduction of a new product must cover the following aspects of the product:<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>Objective<\/li>\n<li>Type of targeted client and how the product addresses their need(s)<\/li>\n<li>All risks that a client would potentially face<\/li>\n<li>Pay-off profile<\/li>\n<li>Pricing<\/li>\n<li>Costs and fees, along with analysis of their components, to be incurred by a client; and<\/li>\n<li>Measures necessary to mitigate any conflict of interest<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>The pricing of the product shall be on the basis of the following preferential hierarchy:<\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li>Marking the product (or its components) to market<\/li>\n<li>Marking the product (or its components) to a model<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>Market-makers shall deal only in derivative products permitted in terms of the Governing Directions, which have cash instrument(s) and\/or permitted derivative(s) as components.<\/li>\n<li>Market-makers shall not deal in derivative products containing a derivative instrument as underlying, unless specifically permitted in terms of the Governing Directions, either directly or on a back-to-back basis, which they cannot price independently.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Access the RBI\u2019s Master Directions on Market-makers in OTC Derivatives, 2021, <a href=\"https:\/\/www.rbi.org.in\/Scripts\/NotificationUser.aspx?Id=12163&amp;Mode=0\">HERE<\/a><\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><span style=\"color: #0000ff;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India has issued Master Direction on Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021 vide notification <\/p>\n","protected":false},"author":121,"featured_media":253309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[26354,47119,47118,2732],"class_list":["post-254516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-directions","tag-market","tag-otc-derivatives","tag-Reserve_Bank_of_India"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBI releases Master Direction on RBI (Market-makers in OTC Derivatives) Directions, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/21\/rbi-releases-master-direction-on-rbi-market-makers-in-otc-derivatives-directions-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI releases Master Direction on RBI (Market-makers in OTC Derivatives) Directions, 2021\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of India has issued Master Direction on Reserve Bank of India (Market-makers in OTC Derivatives) Directions, 2021 vide notification\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/09\/21\/rbi-releases-master-direction-on-rbi-market-makers-in-otc-derivatives-directions-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC 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2022","format":false,"excerpt":"On February 10, 2022, RBI has issues Master Direction \u2013 Reserve Bank of India (Credit Derivatives) Directions, 2022. These Directions shall apply to credit derivatives transactions undertaken in Over-the-Counter (OTC) markets and on recognised stock exchanges in India. It shall come into force on May 09, 2022. Key points: Eligible\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":249429,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/08\/reserve-bank-of-india-certificate-of-deposit-directions-2021\/","url_meta":{"origin":254516,"position":1},"title":"Reserve Bank of India (Certificate of Deposit) Directions, 2021","author":"Bhumika Indulia","date":"June 8, 2021","format":false,"excerpt":"On June 04, 2021, the Reserve Bank of India (RBI) has issued the Reserve Bank of India (Certificate of Deposit) Directions, 2021. These Directions shall come into force from June 07, 2021. \u00a0 The following directions have been given: \u00a0 Eligible Issuers: Certificate of Deposits (CDs) may be issued by:\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"rbi","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":280331,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/12\/23\/on-12-12-2022-reservebankofindia-masterdirections-foreignexchangemanagementhedgingofcommoditypriceriskandfreightriskinoverseasmarketsdirections-laying-modalities-authoriseddealercategory-ibanks-le\/","url_meta":{"origin":254516,"position":2},"title":"RBI issues Master Directions on Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022","author":"Editor","date":"December 23, 2022","format":false,"excerpt":"\u00a0 \u00a0 On 12-12-2022, the Reserve Bank of India (\u2018RBI\u2019) has issued Master Directions on Foreign Exchange Management (Hedging of Commodity Price Risk and Freight Risk in Overseas Markets) Directions, 2022 laying down the modalities for Authorised Dealer Category- I (\u2018AD Cat- I') banks. These Directions came into force from\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"RBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image-334.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":267760,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/02\/master-direction-reserve-bank-of-india-variation-margin-directions-2022\/","url_meta":{"origin":254516,"position":3},"title":"RBI issues Master Direction \u2013 RBI (Variation Margin) Directions, 2022","author":"Bhumika Indulia","date":"June 2, 2022","format":false,"excerpt":"The Reserve Bank of India has issued the Master Direction \u2013 Reserve Bank of India (Variation Margin) Directions, 2022. These Directions shall come into force with effect from December 01, 2022. Applicability: The provisions of these Directions shall apply to the following contracts, which are entered into on or after\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-107-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-107-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-107-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-107-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-107-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":366637,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/11\/14\/rbi-repo-directions-2018-key-provisions\/","url_meta":{"origin":254516,"position":4},"title":"RBI Issues Repo Directions: Key Rules on Eligible Securities, Participants, Reporting &amp; Settlement","author":"Kriti","date":"November 14, 2025","format":false,"excerpt":"These Directions regulate repo transactions across recognized exchanges, electronic platforms, and OTC markets, specifying eligible securities, participants, reporting timelines, settlement norms, and haircut requirements.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"RBI Repo Directions 2018","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/RBI-Repo-Directions-2018.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/RBI-Repo-Directions-2018.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/RBI-Repo-Directions-2018.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/11\/RBI-Repo-Directions-2018.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":241938,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/01\/08\/rbi-introduces-legal-entity-identifier-for-large-value-transactions-in-centralised-payment-systems\/","url_meta":{"origin":254516,"position":5},"title":"RBI introduces Legal Entity Identifier for Large Value Transactions in Centralised Payment Systems","author":"Bhumika Indulia","date":"January 8, 2021","format":false,"excerpt":"Legal Entity Identifier The Legal Entity Identifier (LEI) is a 20-digit number used to uniquely identify parties to financial transactions worldwide. It was conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. \u00a0LEI has been\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/254516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=254516"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/254516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/253309"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=254516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=254516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=254516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}