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Ready Forward Contracts in Corporate Debt Securities- Permitting Scheduled UCBs
October, 31st 2012

RBI/2012-13/270
IDMD.PCD. 1423/14.03.02/2012-13

October 30, 2012

To All Market Participants

Ready Forward Contracts in Corporate Debt Securities - Permitting Scheduled Urban Cooperative Banks

A reference is invited to our circular IDMD.DOD.05/11.08.38/2009-10 dated January 08, 2010 enclosing the Repo in Corporate Debt Securities (Reserve Bank) Directions, 2010. As indicated under paragraph 4 of the Directions, the following entities are eligible to enter into ready forward contracts in corporate debt securities:

  1. Any scheduled commercial bank excluding RRBs and LABs;

  2. Any Primary Dealer authorized by the Reserve Bank of India;

  3. Any non-banking financial company registered with the Reserve Bank of India (other than Government companies as defined in section 617 of the Companies Act, 1956);

  4. All-India Financial Institutions, namely, Exim Bank, NABARD, NHB and SIDBI;

  5. Other regulated entities, subject to the approval of the regulators concerned, viz.,

    i. Any mutual fund registered with the Securities and Exchange Board of India;

    ii. Any housing finance company registered with the National Housing Bank; and

    iii. Any insurance company registered with the Insurance Regulatory and Development Authority

  6. Any other entity specifically permitted by Reserve Bank

2. As announced in the Second Quarter Review of the Monetary Policy Statement 2012-13 (para 77) and in exercise of powers conferred on Reserve Bank under the Repo in Corporate Debt Securities (Reserve Bank) Directions 2010, it has now been decided to permit scheduled Urban Cooperative Banks to undertake ready forward contracts in corporate debt securities subject to adherence to conditions prescribed by Urban Banks Department, Central Office, Reserve Bank of India, from time-to-time.

3. All other terms and conditions of the notifications issued vide circulars IDMD.DOD.05/11.08.38/2009-10 dated January 8, 2010and IDMD.PCD. 22/11.08.38/2010-11 dated November 9, 2010 shall remain unchanged.

Yours faithfully,

(K. K. Vohra)
Chief General Manager

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