The Reserve Bank of India has mandated the use of a Unique Transaction Identifier (UTI) for all over-the-counter derivative transactions from January 1, 2027
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FRANCIS MASCARENHAS
Market participants will be required to use a Unique Transaction Identifier (UTI) for all over-the-counter (OTC) derivative transactions from January 1, 2027, per the final RBI guidelines on UTI use.
The draft circular on UTI for OTC Derivative Transactions in India had proposed that the instructions on its use will come into effect from April 1, 2026.
The extended timeline in the final circular is intended to provide sufficient time for market participants to build the necessary technical capabilities.
UTI has been identified globally as one of the key data elements for reporting over-the-counter (OTC) derivative transactions, with a view to enabling policymakers to obtain a comprehensive view of the OTC derivatives market.
At present, all transactions in OTC markets for Rupee interest rate derivatives, forward contracts in Government securities, foreign currency derivatives, foreign currency interest rate derivatives, and credit derivatives are reported to the Trade Repository managed by Clearing Corporation of India Limited (CCIL-TR).
RBI said it has been decided to mandate UTI for the aforementioned transactions. It has also issued a framework for implementing UTI for OTC derivative transactions.
Published on February 18, 2026
