The update regulates access to a government securities trading platform (NDS-OM), which is a fixed income market infrastructure; government securities are debt instruments, and the RBI's directions establish trading criteria for these fixed income products.
Mandatory inheritance: Fixed Income as the primary tag requires Investment Services as the secondary tag, reflecting the asset-management and trading infrastructure dimension of government securities market participation.
Specialism
The update establishes access criteria and authorization requirements for participation in the government securities trading platform, which constitutes regulatory licensing and permission to operate in a specific market segment.
Mandatory inheritance: Authorisation is a child of Supervision, so Supervision must be raised as the secondary tag.
2026-04-28 10:02:43·pthandapani@vixio.com
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Notifications - Reserve Bank of India
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TITLE: India's Reserve Bank Updates Access Criteria for Government Securities Trading Platform
BODY:
On April 27, 2026, the Reserve Bank of India (RBI) issued the Master Direction – Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025, updating requirements for access to the Negotiated Dealing System – Order Matching (NDS-OM) platform. The NDS-OM platform facilitates trading in government securities among market participants.
The updated directions prescribe criteria for three categories of access: direct access, indirect access, and access through the Stock Broker Connect facility. The RBI has rationalised the application forms previously required for seeking NDS-OM platform access to improve ease of doing business. Application forms have been removed from the directions and are now available through the Platform for Regulatory Application, Validation and Authorisation (PRAVAAH) portal, which the RBI established to streamline submission, validation and authorisation of regulatory applications. This transition enhances transparency and efficiency in regulatory compliance by centralising application management on a single digital platform.
The directions apply to all participants in the government securities market and have been issued under section 45W of the Reserve Bank of India Act, 1934, read with section 45U of the Act. The directions are effective immediately from the date of issuance.
REFERENCES:
Reserve Bank of India. Master Direction – Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025. RBI/2026-27/37 FMRD.MIOD.No.1/11.01.051/2026-27. April 27, 2026. Available at: https://www.rbi.org.in/
Notifications - Reserve Bank of India Skip to main content Selected Selected Language हिंदी Search the Website Search Notifications ( 212 kb ) Master Direction - Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025 RBI/2026-27/37 FMRD.MIOD.No.1/11.01.051/2026-27 April 27, 2026 To All participants in Government Securities market Madam/Sir, Master Direction - Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025 The Reserve Bank has prescribed criteria for access to the Negotiated Dealing System – Order Matching (NDS-OM) platform covering requirements for direct access, indirect access and access through the Stock Broker Connect facility. The application forms for seeking access to NDS-OM platform are prescribed as part of the Directions. 2. With the implementation of the Platform for Regulatory Application, VAlidation and AutHorisation (PRAVAAH) portal aimed at facilitating submission, validation and authorisation of regulatory applications and enhancing transparency and efficiency in regulatory compliance, the application forms for seeking access to NDS-OM platform were made available on PRAVAAH portal. In order to improve ease of doing business, the application forms have been rationalised and the revised format has been made available in the PRAVAAH portal. The Directions have, accordingly, been updated to remove the application form. 3. These Directions have been issued by the Reserve Bank in exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934, read with section 45U of the Act and of all the powers enabling it in this behalf. 4. The Directions shall be applicable with immediate effect. Yours faithfully, (Dimple Bhandia) Chief General Manager 2026 All Months January February March April May June July August September October November December 2025 All Months January February March April May June July August September October November December 2024 All Months January February March April May June July August September October November December 2023 All Months January February March April May June July August September October November December 2022 All Months January February March April May June July August September October November December 2021 All Months January February March April May June July August September October November December 2020 All Months January February March April May June July August September October November December 2019 All Months January February March April May June July August September October November December 2018 All Months January February March April May June July August September October November December 2017 All Months January February March April May June July August September October November December Archives 2016 All Months January February March April May June July August September October November December 2015 All Months January February March April May June July August September October November December 2014 All Months January February March April May June July August September October November December 2013 All Months January February March April May June July August September October November December 2012 All Months January February March April May June July August September October November December 2011 All Months January February March April May June July August September October November December 2010 All Months January February March April May June July August September October November December 2009 All Months January February March April May June July August September October November December 2008 All Months January February March April May June July August September October November December 2007 All Months January February March April May June July August September October November December 2006 All Months January February March April May June July August September October November December 2005 All Months January February March April May June July August September October November December 2004 All Months January February March April May June July August September October November December 2003 All Months January February March April May June July August September October November December 2002 All Months January February March April May June July August September October November December 2001 All Months January February March April May June July August September October November December 2000 All Months January February March April May June July August September October November December 1999 All Months January February March April May June July August September October November December 1998 All Months January February March April May June July August September October November December 1997 All Months January February March April May June July August September October November December 1996 All Months January February March April May June July August September October November December 1995 All Months January February March April May June July August September October November December 1994 All Months January February March April May June July August September October November December 1993 All Months January February March April May June July August September October November December 1992 All Months January February March April May June July August September October November December 1991 All Months January February March April May June July August September October November December Top Back to previous page