Master Direction – Risk Management and Inter-Bank Dealings: Amendments

Inclusion of Standalone Primary Dealers expands authorised dealer obligations and mandates trade repository reporting for OTC derivatives.

The Master Direction is amended to include Standalone Primary Dealers as Authorised Dealers under FEMA, extending definitional, operational and reporting obligations to them. Reporting processes are standardized through the Centralised Information Management System, timelines and formats for daily, weekly and quarterly submissions are revised, and new guidance covers SPDs' participation in exchange traded currency derivatives and overseas foreign currency borrowings with specified limits and reporting triggers. All Authorised Dealers must report OTC foreign exchange and foreign currency interest rate derivative contracts to the Trade Repository of CCIL under prescribed timelines, reconcile outstanding balances with the TR, and ensure reporting accuracy.