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Banking > Policies> Monetary and Credit Policy 2001-2002             Click here for FULL credit policy

Negotiated Dealing System [Annexure III]


The salient features of the Negotiated Dealing System (NDS) are:

Banks, Primary Dealers and Financial Institutions having Subsidiary General Ledger and Current Accounts with RBI will be eligible to become members of the system.

The system will facilitate submission of bids/applications for auctions/ floatations of government securities through pooled terminal facility located at regional offices of Public Debt Office (PDO) across the country and through ‘member-terminals.

The system can be used for daily Repo and Reverse Repo auctions under Liquidity Adjustment Facility (LAF).

It will provide an electronic dealing platform for primary and secondary market participants in government securities and also facilitate reporting of trades executed through exchanges for information dissemination and settlement in addition to deals done through the system.

Government dated securities, Treasury Bills, Repurchase Agreements (Repos), Call/Notice/Term Money, Commercial Paper, Certificates of Deposit, Forward Rate Agreements/Interest Rate Swaps, etc., will be the eligible instruments.

NDS will be integrated with Securities Settlement System (SSS) of PDO of RBI to facilitate settlement of deals done in government securities and treasury bills.

It will facilitate dissemination of information relating to primary issuance through auction/sale on tap and underwriting apart from secondary market trade details to participants.

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