Current · Source: Reserve Bank of India · RBI/2007-2008/104 · issued 31 Jul 2007 · ~1 min read
Quick answerFrom September 1, 2007, all Primary Dealers must report OTC secondary market corporate bond trades on FIMMDA's platform, which will also aggregate BSE and NSE data for transparency.
The rule, in the simplest words
Starting September 1, 2007, all Primary Dealers (special banks that buy and sell government bonds) must report their corporate bond trades done outside a stock exchange (OTC market) on FIMMDA's platform.
FIMMDA's platform will also collect trade data from BSE and NSE (two stock exchanges) to show a complete picture of the corporate bond market.
Primary Dealers should contact FIMMDA to practice reporting in mock sessions before the rule starts.
How it plays out — a real example
A treasury officer in Indore, who also handles bond trades for a Primary Dealer, logs into FIMMDA's new platform on September 1, 2007, to report a corporate bond trade he just completed over the phone with a client. He remembers the RBI rule and ensures the trade details are entered correctly, knowing this will help make the bond market more transparent for everyone.
What changed
FIMMDA received SEBI approval to set up a corporate bond reporting platform, which will aggregate trades from its own platform as well as BSE and NSE. Starting September 1, 2007, all Primary Dealers are required to report their OTC secondary market corporate bond transactions on this FIMMDA platform.
What it means for you
This move enhances transparency in the corporate bond market by centralizing trade reporting. Primary Dealers must adapt their reporting processes to comply with FIMMDA's platform, which is currently in trial run. The aggregation of data across platforms will provide a more comprehensive view of market activity.
What you must do
Ensure your firm is ready to report OTC secondary market corporate bond trades on FIMMDA's platform from September 1, 2007.
Contact FIMMDA directly to participate in mock reporting sessions before the go-live date.
Review and implement FIMMDA's detailed operational guidelines once issued.
Coordinate with your IT and compliance teams to integrate with the new reporting system.
Who it affects
All Primary Dealers, FIMMDA, BSE and NSE (as data sources for aggregation)
❓ Common questions
What is the deadline for Primary Dealers to start reporting on FIMMDA's platform?
The mandate takes effect from September 1, 2007. Primary Dealers must report all OTC secondary market corporate bond transactions on FIMMDA's platform from that date.
Will FIMMDA's platform replace BSE and NSE reporting platforms?
No, FIMMDA will aggregate trades reported on its own platform as well as those on BSE and NSE, adding value to the combined data.
How can Primary Dealers prepare for this change?
Primary Dealers should contact FIMMDA to join mock reporting sessions and await detailed operational guidelines from FIMMDA.
📜 Read the original circular — full text as issued by RBI
RBI/2007-2008/104
IDMD. 530 /03.64.00/ 2007-08
July 31, 2007
To
All Primary Dealers
Dear Sir
FIMMDA Reporting Platform for Corporate Bond Transactions
As you are aware, the High Level Expert Committee on Corporate Bonds and Securitisation (Patil Committee) had recommended setting up of reporting platforms for corporate bonds with a view to enhance transparency and to further the development of corporate bond markets. Accordingly, BSE and NSE have set up reporting platforms.
2. FIMMDA has now informed us that SEBI had permitted FIMMDA to set up its reporting platform for corporate bonds. It has also been mandated to aggregate the trades reported on its platform as well as those reported on BSE and NSE with appropriate value addition. FIMMDA expects to go live with its platform, which at present is under trial run, from September 1, 2007.
3. All Primary Dealers would be required to report their secondary market transactions in corporate bonds done in OTC market, on FIMMDA’s reporting platform with effect from September 1, 2007. Detailed operational guidelines in this regard would be issued by FIMMDA. In the meanwhile, PDs may approach FIMMDA directly for participating in the mock reporting sessions.
Yours faithfully,
(R. N. Kar )
General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2007-2008/104 · issued 31 Jul 2007. The plain-English explanation above is BankPulse’s own independent summary.
Coordinate with your IT and compliance teams to integrate with the new reporting system.
📜 Compliance
Ensure your firm is ready to report OTC secondary market corporate bond trades on FIMMDA's platform from September 1, 2007.
Contact FIMMDA directly to participate in mock reporting sessions before the go-live date.
Review and implement FIMMDA's detailed operational guidelines once issued.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template
Example: if you are a Compliance officer at a bank this circular applies to (All Primary Dealers, FIMMDA, BSE and NSE (as data sources for aggregation)), your first concrete step on “FIMMDA Reporting Platform for Corporate Bonds” is: “Ensure your firm is ready to report OTC secondary market corporate bond trades on FIMMDA's platform from September 1, 2007.” (RBI issued this 31 Jul 2007).
Circular: RBI/2007-2008/104 -- FIMMDA Reporting Platform for Corporate Bonds
Issued: 31 Jul 2007
Action required: Ensure your firm is ready to report OTC secondary market corporate bond trades on FIMMDA's platform from September 1, 2007.
Action required: Contact FIMMDA directly to participate in mock reporting sessions before the go-live date.
Action required: Review and implement FIMMDA's detailed operational guidelines once issued.
Action required: Coordinate with your IT and compliance teams to integrate with the new reporting system.
Owner: ____________ Target date: ____________
Board/committee approval needed? Y / N
Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.
💬 Banker Discussion
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 05 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3777&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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