The Reserve Bank of India (RBI), on April 27, 2026, issued directions updating the Master Direction on access criteria for the Negotiated Dealing System – Order Matching (NDS-OM) platform. The revision aligns the application process with the implementation of the PRAVAAH portal to enhance efficiency and transparency in regulatory submissions.
Under the updated framework, application forms for seeking direct, indirect, or broker-facilitated access to the NDS-OM platform will now be submitted exclusively through the PRAVAAH portal. The RBI has rationalised and simplified these application formats, and accordingly removed the physical/application form formats from the Directions to streamline compliance and improve ease of doing business.
The revised Directions have been issued under the powers conferred by the Reserve Bank of India Act, 1934, and are effective immediately. The changes aim to digitise and standardise the onboarding process for participants in the Government securities market accessing the NDS-OM platform.
[Notification No. RBI/2026-27/37]
