The Reserve Bank of India has made the use of a Unique Transaction Identifier (UTI) mandatory for all over-the-counter derivatives transactions from January 1, 2027 | Photo credit: FRANCIS MASCARENHAS
The draft circular on UTI for OTC derivative transactions in India proposed that the instructions on its use would come into effect from April 1, 2026.
The extended timeline in the final circular is intended to provide market participants with sufficient time to build the necessary technical capabilities.
UTI has been identified globally as one of the most important data elements for reporting over-the-counter (OTC) derivatives transactions, with the aim of enabling policy makers to gain a comprehensive view of the OTC derivatives market.
Currently, all transactions in OTC markets for rupee interest rate derivatives, forward contracts in government securities, foreign currency derivatives, foreign currency interest rate derivatives and credit derivatives are reported to the Trade Repository managed by Clearing Corporation of India Limited (CCIL-TR).
RBI said it has been decided to mandate UTI for the above-mentioned transactions. It has also issued a framework for implementing UTI for OTC derivatives transactions.
Published on February 18, 2026
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