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of <h1>New Guidelines for ETCD Market: Position Limits, Compliance for Residents and Banks Explained Under FEMA 1999.</h1> The circular issued by the regulatory authority addresses guidelines for residents participating in the Exchange Traded Currency Derivatives (ETCD) market. It outlines that domestic participants can hold positions up to USD 10 million per exchange without underlying exposure. For positions exceeding this, participants must demonstrate underlying exposure, with specific limits for exporters and importers based on past turnover. Compliance requires certificates from statutory auditors and undertakings from CFOs. Authorized Dealer Category-I banks can now engage in proprietary trading and offset positions between ETCD and OTC markets. The circular emphasizes compliance with the Foreign Exchange Management Act, 1999.
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