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    <title>Revised Guidelines on Credit Default Swaps (CDS) for Corporate Bonds</title>
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    <description>CDS referencing listed or rated unlisted corporate bonds and specified short-term instruments are permitted with distinct roles for users (buy protection only, must hold underlying, no naked positions) and market-makers (may buy/sell protection). Trades require an RBI-regulated entity on one side; documentation, standardisation, and FIMMDA master agreements apply; physical settlement is mandatory for user-involving trades and unwinding by users must be with original protection seller at mutually agreed or FIMMDA price.</description>
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      <description>CDS referencing listed or rated unlisted corporate bonds and specified short-term instruments are permitted with distinct roles for users (buy protection only, must hold underlying, no naked positions) and market-makers (may buy/sell protection). Trades require an RBI-regulated entity on one side; documentation, standardisation, and FIMMDA master agreements apply; physical settlement is mandatory for user-involving trades and unwinding by users must be with original protection seller at mutually agreed or FIMMDA price.</description>
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