The Reserve Bank of India issued directions allowing government securities transactions between a Negotiated Dealing System – Order Matching (NDS-OM) primary member and its own Gilt Account Holder, or between two Gilt Account Holders of the same primary member, to be matched on NDS-OM and cleared and settled through the Clearing Corporation of India Limited (CCIL). The change applies to both the anonymous Order Matching segment and the Request for Quote segment of NDS-OM for trades matched on the platform. For bilaterally negotiated transactions that are subsequently reported to NDS-OM, clearing and settlement through CCIL will be available on an optional basis. Any settlement failure in these transactions will be treated as ‘SGL bouncing’ and subject to the applicable penal provisions under the Reserve Bank of India’s July 14, 2010 circular (as amended). CCIL will issue detailed operational guidelines for implementation.
Reserve Bank of India 2025-02-17
Reserve Bank of India permits NDS-OM matching and CCIL clearing for government securities trades between a primary member and its own Gilt Account Holders
The Reserve Bank of India allows government securities transactions between a Negotiated Dealing System – Order Matching (NDS-OM) primary member and its Gilt Account Holder, or between two Gilt Account Holders of the same primary member, to be matched on NDS-OM and settled through the Clearing Corporation of India Limited (CCIL). This applies to both anonymous Order Matching and Request for Quote segments, with optional CCIL clearing for bilaterally negotiated transactions reported to NDS-OM. Settlement failures will be treated as 'SGL bouncing' under existing penal provisions.