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JC - Legal Updates - SPDs now at par with AD Banks-FX market making facilities

Legal Updates

12 Oct 2022

SPDs now at par with AD Banks-FX market making facilities

Brief Overview:

On 5th August 2022, the Reserve Bank of India (“RBI”) had proposed to permit Standalone Primary Dealers (“SPDs”) to offer foreign exchange market making facilities to users. A circular in this regard has been issued by the RBI on 11th October 2022.

Technical Details:

1)   SPDs can now offer all FX market making facilities to all the users.

2)   To offer such FX products, SPDs will be required to get an authorisation from RBI.

3)   SPDs will have to comply with the Master Direction on:

(a)  Reserve Bank of India (Market Maker in OTC Derivatives) Directions 2021; and

(b)  Risk Management and Interbank Dealings.

4)   SPDs will also need to comply with the Internal Control Guidelines.

Separately, effective 1st January 2023, all transactions involving Rupee which is undertaken globally by the related entities of SPDs will have to be reported on CCIL’s trade repository before 12:00 noon of the business day following the date of the transaction.

For further details, please see:



For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●  Ms. Smrithi Nair (

●  Ms. Mahak Saboo (mahak.saboo@jclex.com)