The Reserve Bank of India has released draft revised directions for credit derivatives and invited public comments, setting out a framework intended to support the introduction of derivatives on credit indices and total return swaps on corporate bonds. The draft consolidates provisions across all credit derivatives, including the existing rules for credit default swaps. It also highlights the proposed directions on credit index derivatives and corporate bond total return swaps for stakeholder feedback, linking the initiative to the Union Budget for FY 2026-27 and the Statement on Developmental and Regulatory Policies. Comments are due by February 27, 2026.
Reserve Bank of India 2026-02-06
Reserve Bank of India consults on revised credit derivatives directions to enable credit index derivatives and corporate bond total return swaps
The Reserve Bank of India has issued draft revised directions for credit derivatives, seeking public comments by February 27, 2026, to support derivatives on credit indices and total return swaps on corporate bonds. The draft consolidates existing rules and aligns with the Union Budget for FY 2026-27 and the Statement on Developmental and Regulatory Policies.