RBI/2010-11/429
DBOD.No.BP.BC.82/21.04.157/2010-11
March 16, 2011
The Chairman and Managing Directors/ Chief Executive Officers of
All Scheduled Commercial Banks (excluding RRBs and LABs) &
All India Term-Lending & Refinancing Institutions
Dear Sir,
Accreditation of brokers in OTC Interest Rate
Derivatives Market
Please refer to the
circular DBOD.No.BP.BC.86/21.04.157/2006-07 dated April 20, 2007
on Comprehensive Guidelines on Derivatives, whereby banks, primary dealers and
financial institutions have been permitted to undertake rupee interest rate
derivatives transactions. It is advised that if banks and financial institutions
decide to enter into OTC interest rate derivatives contracts through brokers,
they should ensure that these brokers are accredited by the FIMMDA.
Yours faithfully,
(B. Mahapatra)
Chief General Manager-in-Charge