The Reserve Bank of India has released draft Directions on Reporting Instructions for Authorised Dealer Category I banks, proposing that they report foreign exchange derivative transactions involving INR undertaken globally by their related parties to the trade repository of the Clearing Corporation of India Limited. The proposal is positioned as a further step to increase transparency in over-the-counter foreign exchange, interest rate and credit derivatives markets. While market-makers already report OTC derivatives transactions to the trade repository, the RBI highlights that a sizeable volume of offshore Rupee derivative transactions is not reported, limiting visibility for market participants. The draft builds on earlier measures requiring standalone primary dealers to report all Rupee derivative transactions undertaken globally by their related parties (October 2022) and banks in India to report all Rupee interest rate derivative transactions undertaken globally by their related parties (December 2025). Comments on the draft Directions are invited from market participants and other stakeholders by March 09, 2026.
Reserve Bank of India 2026-02-16
Reserve Bank of India consults on expanding trade repository reporting for offshore INR foreign exchange derivatives by Authorised Dealer Category I banks
The Reserve Bank of India has issued draft Directions for Authorised Dealer Category I banks to report foreign exchange derivative transactions involving INR by related parties to the Clearing Corporation of India Limited's trade repository. This initiative aims to enhance transparency in OTC derivatives markets, addressing the lack of reporting for offshore Rupee derivative transactions. The draft builds on previous measures for reporting Rupee derivative transactions by standalone primary dealers and banks.