The Reserve Bank of India (RBI) has issued final directions on the implementation of the Unique Transaction Identifier (UTI) framework for Over-the-Counter (OTC) derivative transactions, marking a key step toward improving transparency and monitoring of the derivatives market.
The central bank had earlier released a draft circular on October 23, 2025, inviting comments from banks, market participants, and other stakeholders. After reviewing the feedback received, the RBI has incorporated suitable modifications and finalised the directions.
Official copy of the notification is as follows
The Reserve Bank of India had issued a draft circular on Unique Transaction Identifier (UTI) for OTC Derivative Transactions on October 23, 2025, seeking feedback from banks, market participants and other interested parties. UTI serves as a single unique reference for an OTC derivative transaction. It enables policymakers to obtain a comprehensive view of OTC derivatives market by facilitating global aggregation of transactions.
Feedback received on the draft circular has been examined and consequent modifications have been suitably incorporated in the final directions. Statement on the feedback received on the draft circular is provided in the Annex.
(Brij Raj)
Chief General Manager
CAclubindia
