Master Direction – Reserve Bank of India (Variation Margin) Directions, 2022

The Reserve Bank of India on 1^st June 2022, has published the Master Direction – Reserve Bank of India (Variation Margin) Directions, 2022 which shall come into force with effect from 1^st December, 2022. The directions shall apply to the Non-centrally cleared foreign exchange derivative contracts undertaken in terms of the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000 and Non-centrally cleared interest rate derivative contracts undertaken in terms of the Rupee Interest Rate Derivatives (Reserve Bank) Directions, 2019 and any other non-centrally cleared derivative (NCCD) contract as may be specified by the Reserve Bank.

Ref: https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12328