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Eligible participants in the Government securities market may access Negotiated Dealing System-Order Matching through direct access, indirect access, or Stock Broker Connect. Banks, primary dealers, non-banking financial companies, financial institutions, mutual funds, provident funds, pension funds, insurance companies, and regulated market infrastructure institutions qualify for direct access. Entities seeking direct access must maintain a Subsidiary General Ledger account with the Reserve Bank, hold a current account with the Reserve Bank or a Designated Settlement Bank, and join the securities settlement segment of the Clearing Corporation of India Limited. Applicants submit applications through the PRAVAAH portal of the Reserve Bank. The Reserve Bank grants, suspends, or terminates access based on eligibility and compliance.
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RBI/FMRD/2024-25/127 FMRD.MIOD.13/11.01.051/2024-25 February 07, 2025 ( Updated as on April 27, 2026 ) Master Direction - Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025
In exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934 (hereinafter called the Act) read with section 45U of the Act, the Reserve Bank of India (hereinafter called the Reserve Bank) hereby issues the following Directions, in supersession of Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2024, dated October 18, 2024 , to all the persons eligible to participate or transact business in the Government securities market in India.
These Directions shall be called the Master Direction - Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025..
These Directions shall come into force with immediate effect.
In these Directions, unless the context otherwise requires:
“All India Financial Institution” shall mean Export-Import Bank of India (EXIM Bank), National Bank for Agriculture and Rural Development (NABARD), National Housing Bank (NHB), Small Industries Development Bank of India (SIDBI) and National Bank for Financing Infrastructure and Development (NaBFID);
“Bank” shall mean a banking company (including a Local Area Bank, a Payment Bank and a Small Finance Bank) as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 or a “regional rural bank”, a “corresponding new bank” or “State Bank of India” as defined in clauses (ja), (da) and (nc), of section 5 respectively thereof, or a “cooperative bank” as defined in clause (cci) of section 5 read with section 56 of the said Act;
“Designated Settlement Bank (DSB)” shall mean a bank appointed by the Clearing Corporation of India Limited for the settlement of fund obligations of members of their securities settlement segment that are not maintaining a current account with the Reserve Bank;
“Direct Access” shall mean access to NDS-OM wherein an entity that is party to a transaction directly executes/reports the transaction on/to the platform and such transactions are settled in its own Subsidiary General Ledger (SGL) account;
“Electronic Trading Platform (ETP)” shall have the same meaning as assigned to it in Section 2(1) (iii) of the Electronic Trading Platforms (Reserve Bank) Directions, 2018 dated October 05, 2018 , as modified from time to time;
“Government Security” shall have the same meaning as assigned to it in Section 2(f) of the Government Securities Act, 2006;
“Indirect Access” shall mean access to NDS-OM wherein an entity undertakes its transactions through another entity that has a direct access to NDS-OM and which assumes responsibility for settlement of such transactions;
“Negotiated Dealing System-Order Matching (NDS-OM)” shall mean the ETP authorised by the Reserve Bank under the Electronic Trading Platforms (Reserve Bank) Directions, 2018 dated October 05, 2018 , for transactions in Government securities;
“Non-Banking Financial Company” shall have the same meaning as assigned to it in Section 45-I (f) of the Act; and
“Stock Broker Connect” shall mean a mechanism through which a stock broker provides access to NDS-OM to its individual constituents / clients maintaining demat accounts with depositories registered with the Securities and Exchange Board of India (SEBI).
Words and expressions used, but not defined in these Directions, shall have the same meaning as assigned to them in the Act or under the Government Securities Act, 2006.
Section – I: Access
Section – II: Direct access to NDS-OM
The following entities shall be eligible for direct access to NDS-OM subject to fulfilment of all requirements and conditions stipulated in these Directions:
Entities that are eligible to seek direct access to NDS-OM shall fulfil the following requirements:
Entities eligible for direct access to NDS-OM in terms of paragraph (4) of these Directions and meeting the requirements stipulated in paragraph (5) of these Directions may seek direct access by submitting an application, through the PRAVAAH portal of the Reserve Bank, to the Chief General Manager, Financial Markets Regulation Department, Reserve Bank of India. Such entities may, alternatively, seek direct access through the procedure stipulated under the Master Directions on Access Criteria for Payment Systems ( Master Direction DPSS.CO.OD.No.1846/04.04.009/2016-17 dated January 17, 2017 ) as amended from time to time.
Section – III: Indirect access to NDS-OM
Indirect access to NDS-OM shall be through an entity which has a direct access to NDS-OM, and which agrees to assume responsibility to settle the transactions undertaken by the entity seeking indirect access.
Any entity that is permitted to maintain both a SGL and a constituent account in terms of the SGL Account: Eligibility Criteria and Operational Guidelines ( Notification no. IDMD.CDD.S788/11.22.001/2021-22 dated September 22, 2021 ), as amended from time to time, may at its discretion, choose to avail indirect access to NDS-OM, instead of direct access.
