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Informist, Wednesday, Feb. 18, 2026

 

--RBI issues unique transaction identifier for OTC derivative deals circular 

--RBI:Unique transaction identifier for OTC derivatives norms effective Jan 1 

--RBI:Unique transaction identifier must for all OTC derivative transactions 

 

MUMBAI – The Reserve Bank of India has mandated unique transaction identifier for all over-the-counter derivative transactions starting Jan. 1. In a notification Wednesday, the RBI said that all transaction in over-the-counter markets for rupee interest rate derivatives, forward contracts in government securities, foreign currency interest rate derivatives will require a unique transaction identifier.

 

In the draft norms released in October, the RBI had proposed making unique transaction identifier mandatory for all over-the-counter derivative transactions from Apr. 1. "The Unique Transaction Identifier (UTI) has been conceived as one of the key data elements identified globally for reporting over-the-counter (OTC) derivative transactions with a view to enable policy makers to obtain a comprehensive view of the OTC derivatives market," the central bank said.

 

The unique transaction identifier should be generated in line with the technical guidance issued by the Committee on Payments and Market Infrastructures by the International Organization of Securities Commissions, the RBI said. An identifier must have a maximum of 52 characters, the RBI said.

 

For transactions reportable only in India, either the central counterparty shall generate the identifier or the Electronic Trading Platform or Clearing Corp. of India Ltd. – Trade Repository, the RBI said. For transactions reportable in India and one or more foreign jurisdictions, one of the central counterparty, the clearing member, the Electronic Trading Platform should issue the identifier.

 

If a foreign jurisdiction has a sooner reporting timeline, market participants may undertake reasonable efforts to ensure that the identifier is obtained and reported within the reporting deadline for the transaction. "In case the market participant is unable to obtain the UTI (unique transaction identifier) within the reporting deadline, the market participant may obtain and submit the UTI to CCIL-TR at the earliest thereafter, but in any case, within five Mumbai business days from the date of the transaction," the RBI said. 

 

Amendments to a derivative contract, after reporting to the CCIL – Trade Repository, will not necessitate the generation of a new identifier, the RBI said. CCIL will issue the operating guidelines and reporting formats for reporting of the unique transaction identifier, the RBI said.  End

 

Reported by Shubham Rana

Edited by Ashish Shirke

 

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