The draft circular outlined mandatory use of UTIs across interest rate, forex exchange (FX) and credit derivative markets from April.
India's central bank, the Reserve Bank of India (RBI), has issued a draft circular announcing the implementation of a Unique Transaction Identifier (UTI) for over‑the‑counter derivative transactions in India. Lifecycle events such as novation will require the generation of a fresh UTI The draft noted that the identifier is intended to serve as a standardised element in global reporting of over-the-counter (OTC) derivative contracts, enabling regulators and policy makers to obtain a clearer a