{"id":342201,"date":"2025-02-25T09:00:19","date_gmt":"2025-02-25T03:30:19","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=342201"},"modified":"2025-02-24T19:03:52","modified_gmt":"2025-02-24T13:33:52","slug":"rbi-notifies-rbi-forward-contracts-in-government-securities-directions-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/02\/25\/rbi-notifies-rbi-forward-contracts-in-government-securities-directions-legal-news\/","title":{"rendered":"RBI notifies directions relating to Forward Contracts in Government Securities"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 21-2-2025, the <span style=\"font-weight: bold;\">Reserve Bank of India (&#8216;RBI&#8217;)<\/span> notified the <span style=\"font-weight: bold;\">Reserve Bank of India (Forward Contracts in Government Securities) Directions, 2025<\/span> applicable to forward contracts in government securities undertaken in the Over-the-Counter market in India. The provisions will come into force on 2-5-2025.<\/p>\n<h3>Key Points:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p><span style=\"font-weight: bold;\">Eligible Market Participants<\/span> eligible to undertake bond forward transactions<span style=\"font-weight: bold;\">:<\/span><\/p>\n<\/li>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>A resident;<\/p>\n<\/li>\n<li>\n<p>A non-resident who is eligible to invest in Government Securities under the <a href=\"\">Foreign Exchange Management (Debt Instruments) Regulations, 2019<\/a>.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Market makers:<\/p>\n<\/li>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>The following entities will be eligible to undertake transactions in bond forwards as <span style=\"font-weight: bold;\">Market-makers:<\/span><\/p>\n<ul style=\"list-style-type: circle;\">\n<li>\n<p>Scheduled Commercial Bank (except a Small Finance Bank, a Payment Bank, a Local Area Bank and a Regional Rural Bank);<\/p>\n<\/li>\n<li>\n<p>Standalone Primary Dealer.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Market maker can undertake long positions without any limit and covered short positions in bond forwards.<\/p>\n<\/li>\n<li>\n<p>Market makers will also be eligible to undertake uncovered short positions subject to the underlying government security being eligible for short sale.<\/p>\n<p>Such uncovered short sales have to be covered within a period of 3 months from the date of transaction.<\/p>\n<\/li>\n<li>\n<p>One of the parties to bond forward has to be a market- maker or a central counter party who is authorized by RBI.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Users:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Entity intending to be a user has to be eligible to be classified as a non-retailer user according to Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019, dated June 26, 2019<\/p>\n<p><span style=\"font-weight: bold;\">NOTE: &#8220;Non-retail users<\/span> shall include<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">(a) entities regulated by the Reserve Bank;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">(b) insurance companies;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">(c) mutual funds, pensions funds and other collective investment vehicles;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">(d) All India Financial Institutions (AIFIs), viz., Exim Bank, NABARD, NHB and Small Industries Development Bank of India (SIDBI);<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">(e) companies\/entities with net-worth of RS. 500 crore or above; and<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">(f) non-residents other than individuals.&#8221;.<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Directions for Users who are eligible:<\/p>\n<ul style=\"list-style-type: circle;\">\n<li>\n<p>Can undertake long positions in bond forwards without any limit;<\/p>\n<\/li>\n<li>\n<p>Can undertake covered short positions in bond forwards only for the purpose of hedging;<\/p>\n<\/li>\n<li>\n<p>To ensure that short positions undertaken by a user is covered, market-makers can call for any relevant information\/documents from the user, who, in turn, shall be obliged to provide such information\/document;<\/p>\n<\/li>\n<li>\n<p>User with a covered short position in a bond forward will have to exit its short position in case it ceases to hold the underlying government security.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Settlement and Unwinding of a bond forward transaction:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Can be physically settled or cash settled;<\/p>\n<\/li>\n<li>\n<p>Can be settled through the <span style=\"font-weight: bold;\">Clearing Corporation of India Ltd. (&#8216;CCIL&#8217;)<\/span> Or any other clearing agency or clearing arrangement;<\/p>\n<\/li>\n<li>\n<p>Can be settled bilaterally.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Reporting to CCIL by the Market Makers:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>They will have to report all bond forward transactions undertaken during the day to the <span style=\"font-weight: bold;\">Trade Repository (&#8216;TR&#8217;)<\/span> of CCIL before the closure of the TR of the day.<\/p>\n<\/li>\n<li>\n<p>The reporting should contain:<\/p>\n<ul style=\"list-style-type: circle;\">\n<li>\n<p>details of the counterparties;<\/p>\n<\/li>\n<li>\n<p>underlying government security;<\/p>\n<\/li>\n<li>\n<p>settlement type;<\/p>\n<\/li>\n<li>\n<p>whether a short position is a covered or uncovered short position.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>They will have to report instances of unwinding, novation, bilateral settlement and settlement default to the TR.<\/p>\n<\/li>\n<li>\n<p>They will have to ensure that the outstanding balances between their books and the TR should be reconciled and subjected to concurrent audit on an ongoing basis.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Prudential Norms, Accounting and Capital Requirements:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Market participants will have to follow all applicable prudential norms including those related to capital adequacy, exposure norms, related party transactions;<\/p>\n<\/li>\n<li>\n<p>Market maker has to introduce appropriate and robust methodologies for marking to market its position in bond forwards.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\"><span style=\"font-weight: bold;\">Violation of Directions:<\/span> RBI can disallow the violator, person or agency, from dealing in bond forwards for a period not exceeding 1 month at a time.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">In case of violation, RBI can disallow the violator from dealing in bond forwards for a period of 1 month at a time.<\/p>\n","protected":false},"author":67515,"featured_media":323058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[79053,79051,79050,79048,79049,2611,79052],"class_list":["post-342201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-bondforwardtransactions","tag-ccil","tag-clearingcorporationofindia","tag-eligiblemarketparticipants","tag-marketmakers","tag-RBI","tag-traderepository"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - 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