The Reserve Bank of India (RBI) on Wednesday released a draft circular proposing the mandatory use of Unique Transaction Identifiers (UTIs) for all over-the-counter (OTC) derivative transactions in India, effective from April 1, 2026.

The proposal aims to enhance transparency and enable better monitoring of OTC markets, covering Rupee interest rate derivatives, forward contracts in government securities, foreign currency derivatives, foreign currency interest rate derivatives, and credit derivatives.

Stakeholders, including banks and market participants, have been invited to submit comments on the draft guidelines by 14 November 2025.

The RBI said the introduction of UTIs aligns India’s regulatory framework with global best practices. UTIs are among the key data elements internationally

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