Master Direction on Unique Identifiers in Financial Markets
Summary
The Reserve Bank of India has issued a Master Direction consolidating previous instructions on Unique Identifiers in Financial Markets, specifically the Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI). This aims to improve accessibility of regulatory instructions and ease of doing business for entities involved in reporting OTC derivative transactions.
What changed
The Reserve Bank of India (RBI) has issued a new Master Direction consolidating existing instructions related to the Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) for reporting Over-The-Counter (OTC) derivative transactions. This consolidation aims to enhance the accessibility of regulatory guidance and streamline business operations for financial market participants. The LEI identifies transaction counterparties, while the UTI provides a unique reference number for each transaction.
Financial entities regulated by the RBI that engage in OTC derivative transactions must ensure their reporting practices align with the requirements outlined in this Master Direction. While the document consolidates existing mandates, compliance officers should review the consolidated guidance to ensure full adherence to the updated accessibility and ease-of-business provisions. No new deadlines are specified, implying that existing reporting obligations remain in effect under this consolidated framework.
What to do next
- Review the consolidated Master Direction on Unique Identifiers in Financial Markets.
- Ensure compliance with LEI and UTI reporting requirements for OTC derivative transactions.
- Update internal policies and procedures as necessary to reflect the consolidated guidance.
Source document (simplified)
Press Releases
| () | |
| Date : Mar 27, 2026 | |
| RBI releases Master Direction on Unique Identifiers in Financial Markets | |
| | Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) are key data elements identified globally for reporting of OTC derivative transactions. While LEI uniquely identifies the counterparties to a transaction, UTI serves as a single unique reference number for the transaction.
Over the years, the Reserve Bank has issued instructions mandating reporting of LEI for transactions in the financial markets regulated by the Reserve Bank. Instructions were also issued mandating implementation of UTI for OTC derivative transactions.
The aforesaid instructions have now been consolidated into a Master Direction on Unique Identifiers in Financial Markets, with a view to improve accessibility of regulatory instructions and ease of doing business. The Master Direction is being issued today.
(Brij Raj)
Chief General Manager
Press Release: 2025-2026/2334 | | Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) are key data elements identified globally for reporting of OTC derivative transactions. While LEI uniquely identifies the counterparties to a transaction, UTI serves as a single unique reference number for the transaction.
Over the years, the Reserve Bank has issued instructions mandating reporting of LEI for transactions in the financial markets regulated by the Reserve Bank. Instructions were also issued mandating implementation of UTI for OTC derivative transactions.
The aforesaid instructions have now been consolidated into a Master Direction on Unique Identifiers in Financial Markets, with a view to improve accessibility of regulatory instructions and ease of doing business. The Master Direction is being issued today.
(Brij Raj)
Chief General Manager
Press Release: 2025-2026/2334 |
| Legal Entity Identifier (LEI) and Unique Transaction Identifier (UTI) are key data elements identified globally for reporting of OTC derivative transactions. While LEI uniquely identifies the counterparties to a transaction, UTI serves as a single unique reference number for the transaction.
Over the years, the Reserve Bank has issued instructions mandating reporting of LEI for transactions in the financial markets regulated by the Reserve Bank. Instructions were also issued mandating implementation of UTI for OTC derivative transactions.
The aforesaid instructions have now been consolidated into a Master Direction on Unique Identifiers in Financial Markets, with a view to improve accessibility of regulatory instructions and ease of doing business. The Master Direction is being issued today.
(Brij Raj)
Chief General Manager
Press Release: 2025-2026/2334 | |
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