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of <h1>Amendments to Master Direction on SPDs: New Reporting Rules for FX Derivatives Under FEMA 1999 Now Effective.</h1> The circular addresses amendments to the Master Direction on Risk Management and Inter-Bank Dealings, focusing on Standalone Primary Dealers (SPDs) and their compliance under the Foreign Exchange Management Act (FEMA), 1999. The amendments include the incorporation of SPDs in the Master Direction's provisions and updated reporting directives for over-the-counter (OTC) foreign exchange derivative contracts and foreign currency interest rate derivative contracts to the Trade Repository of the Clearing Corporation of India Ltd. The changes are effective immediately and replace previous circulars. Authorised Persons, including banks and SPDs, must adhere to these updated guidelines and reporting requirements.
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