The Reserve Bank of India (RBI) specified entities as qualified financial market participants to deal in qualified financial contracts.
In exercise of the powers conferred by clause (a) of Section 4 of the Bilateral Netting of Qualified Financial Contracts Act, 2020, the RBI notifies the contracts as Qualified Financial Contract namely “derivative” as defined under clause (a) of Section 45U of the Reserve Bank of India Act, 1934; and “repo” and “reverse repo” as defined under clause (c) and (d) respectively of Section 45U of the Reserve Bank of India Act, 1934 (2 of 1934).
The Reserve Bank of India specified the entities as qualified financial market participants to deal in qualified financial contracts, namely Entities licensed by RBI to do banking business, but not included in the second schedule to the Reserve Bank of India Act, 1934; “Export-Import Bank of India” established under the Export-Import Bank of India Act, 1981; “National Bank for Agriculture and Rural Development” established under the National Bank for Agriculture and Rural Development Act, 1981; “Small Industries Development Bank of India” established the Small Industries Development Bank of India Act, 1989; “National Housing Bank” established under the National Housing Bank Act, 1987 (53 of 1987); “Factor” as defined in Section 2 (i) of the Factoring Regulation Act, 201; and “Asset Reconstruction Company” as defined under section 2 (1) (ba) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
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