Taking into account the experience of NDS-OM and CROMS in G-Sec, there is a need to introduce electronic trading dealing platforms for other financial instruments like corporate bonds, CPs, CDs and derivative products. Reserve Bank of India has also been receiving requests from various entities to introduce electronic platforms for these instruments.
Accordingly, it is now proposed to prescribe a framework for authorization of electronic dealing platforms for financial instruments regulated by the Reserve Bank of India. The overarching philosophy behind the framework would be to permit more than one electronic platform subject to eligibility and demand. The transactions on such platforms could be piped to the related settlement agency for post-trade processing, etc. VII.