Under the proposed norms, a direct member of the Negotiated Dealing System-Order Matching (NDS-OM) platform may undertake transactions either on the NDS-OM platform or bilaterally with another participant. An indirect NDS-OM member maintaining a gilt account with a direct member may execute transactions on the NDS-OM through web-based access.
The RBI also said that participants holding a Retail Direct Gilt (RDG) account may undertake transactions on the NDS-OM in accordance with the central bank‘s prescribed rules.
The draft further states that transactions in government securities may be executed on either a price or yield basis, with a minimum transaction size of Rs 10,000. Market timings for transactions in government securities have been proposed from 9:00 AM to 5:00 PM.
