The Reserve Bank of India (“RBI”), in exercise of the powers conferred under Section 45W of the Reserve Bank of India Act, 1934, vide Notification No. RBI/FMRD/2025-26/137,[1] dated June 16, 2025, issued the master direction: Reserve Bank of India (Electronic Trading Platforms) Directions, 2025
Pursuant to the announcement made under Paragraph 1 of the Statement on Developmental and Regulatory Policies released on February 08, 2024, as part of the Bi-monthly Monetary Policy Statement for FY 2023-24, the RBI has reviewed and revised the regulatory framework governing Electronic Trading Platforms (“ETPs”). The original framework was set out in the Electronic Trading Platforms (Reserve Bank) Directions, 2018, issued on October 5, 2018.
The draft Master Direction – Reserve Bank of India (Electronic Trading Platforms) Directions, 2024, was published on the RBI website on April 29, 2024, inviting feedback from all stakeholders. After considering the suggestions received, the RBI has now issued the finalised Master Direction – Electronic Trading Platforms, 2025, which takes effect immediately.
These Directions shall be applicable to entities operating ETPs where transactions in eligible instruments are conducted. The Directions aim to:
- ensure uniform regulatory oversight,
- promote transparency and efficiency,
- strengthen the integrity of trading infrastructure in the financial markets.
[1] https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12870&Mode=0