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G-Sec, Repo, CBLO Market Timings Revised to 9 AM-5 PM

Current · Source: Reserve Bank of India · RBI/2010-11/127 · issued 22 Jul 2010 · ~2 min read
Quick answerRBI has shortened the trading window for G-sec, repo, and CBLO (T+1 settlement) by 30 minutes, aligning it with money and forex market hours. Effective August 2, 2010, the new timing is 9:00 AM to 5:00 PM, Monday to Friday.
The rule, in the simplest words
How it plays out — a real example

A forex & trade-finance officer in Indore, Priya, manages her bank's treasury desk. She used to have until 5:30 PM to finalize T+1 repo trades on the NDS platform, but after August 2, 2010, she must wrap up by 5:00 PM. She now schedules her team to complete all government bond and repo deals before the new 5:00 PM cut-off, ensuring they align with the forex market close and avoid last-minute settlement issues.

What changed

The market timing for outright transactions in Government securities, Repo in Government securities, and CBLO that settle on T+1 basis has been reduced from 9:00 AM–5:30 PM to 9:00 AM–5:00 PM. This change synchronizes these markets with the call, notice, term money, and domestic foreign exchange markets, which already operate between 9:00 AM and 5:00 PM. The revision follows representations from market participants that the earlier timing was unduly long, and primary auction results for central government securities are now available around 2:30 PM, providing sufficient trading time.

What it means for you

Banks and lenders trading in government securities, repos, and CBLO will have a shorter daily window for T+1 settlements, reducing operational flexibility by 30 minutes. However, the alignment with money and forex markets may streamline cross-market operations and reduce settlement risks. T+0 transactions and Saturday timings remain unchanged, so intraday liquidity management for same-day settlements is unaffected.

What you must do

Who it affects

All market participants trading in Government securities (outright and repo), CBLO market participants, Banks and primary dealers active in G-sec and money markets, Treasury and back-office teams handling NDS, NDS-OM, CROMS, and CBLO platforms

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Why did RBI reduce the trading hours for G-sec, repo, and CBLO markets?

Market participants requested a shorter window, citing that the earlier 9:00 AM–5:30 PM timing was unduly long. Additionally, primary auction results for central government securities are now available around 2:30 PM, giving enough trading time. The change also synchronizes these markets with money and forex markets.

Does this change affect T+0 settlements or Saturday trading?

No. The revised timings apply only to T+1 settlements. Timings for T+0 transactions and Saturday trading remain unchanged.

When does the new timing take effect?

The revised market timing of 9:00 AM to 5:00 PM is effective from August 2, 2010.

📜 Read the original circular — full text as issued by RBI
RBI/2010-11/127 FMD.MSRG. No. 47/02.13.002/2010-11 July 22, 2010 To All Market Participants Market timings for outright transactions in Government securities, Repo in Government securities and Collateralised Borrowing and Lending Obligation (CBLO) The present market timing for outright transactions in Government securities, Repo in Government securities and Collateralised Borrowing and Lending Obligation (CBLO) that settle on T+1 basis is from 9:00 a.m. to 5:30 p.m. It may be added that the call, notice and term money market and the domestic foreign exchange market operate between 9:00 a.m. and 5:00 p.m. 2. It has been represented by the market participants across the spectrum that the timing in the Government securities market is unduly long. Further, in contrast to the earlier position, the results in respect of primary auction of the central Government securities are available around 2:30 p.m. thereby providing enough trading time to the market players. In deference to the demand of the market participants as also with a view to synchronising the timing of the money, domestic foreign exchange and Government securities markets, it has been decided that the market timing for the outright transactions in Government securities, Repo in Government securities and CBLO markets that settle on T+1 basis shall be between 9:00 a.m. and 5:00 p.m. from Monday to Friday. Accordingly, the trading and reporting platforms for these markets, viz., NDS, NDS-OM, CROMS and CBLO platform shall be available between 9:00 a.m. and 5:00 p.m. from Monday to Friday. The revised timings will be effective from August 2, 2010. The timings for transactions in these markets that settle on T+0 basis and those for Saturdays shall remain unchanged. Yours sincerely, (P Krishnamurthy) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2010-11/127 · issued 22 Jul 2010. The plain-English explanation above is BankPulse’s own independent summary.
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Who does what — compliance checklist
⚙️ Operations
  • Communicate the change to all relevant trading, settlement, and risk management teams to avoid last-minute trade failures.
  • Review liquidity and funding plans for T+1 settlements to accommodate the shorter trading day.
💻 IT / Systems
  • Update internal trading desk schedules and system cut-off times to reflect the new 5:00 PM close for T+1 G-sec, repo, and CBLO trades.
📜 Compliance
  • Ensure NDS, NDS-OM, CROMS, and CBLO platform access is configured for the revised 9:00 AM–5:00 PM window from August 2, 2010.
Grouped from the action items above — a single circular may involve more than one team.
Worked example & action-note template

Example: if you are an IT/Systems lead at a bank this circular applies to (All market participants trading in Government securities (outright and repo), CBLO market participants, Banks and primary dealers active in G-sec and money markets, Treasury and back-office teams handling NDS, NDS-OM, CROMS, and CBLO platforms), your first concrete step on “G-Sec, Repo, CBLO Market Timings Revised to 9 AM-5 PM” is: “Update internal trading desk schedules and system cut-off times to reflect the new 5:00 PM close for T+1 G-sec, repo, and CBLO trades.” (RBI issued this 22 Jul 2010).

  1. Circular: RBI/2010-11/127 -- G-Sec, Repo, CBLO Market Timings Revised to 9 AM-5 PM
  2. Issued: 22 Jul 2010
  3. Action required: Update internal trading desk schedules and system cut-off times to reflect the new 5:00 PM close for T+1 G-sec, repo, and CBLO trades.
  4. Action required: Ensure NDS, NDS-OM, CROMS, and CBLO platform access is configured for the revised 9:00 AM–5:00 PM window from August 2, 2010.
  5. Action required: Communicate the change to all relevant trading, settlement, and risk management teams to avoid last-minute trade failures.
  6. Action required: Review liquidity and funding plans for T+1 settlements to accommodate the shorter trading day.
  7. Owner: ____________ Target date: ____________
  8. Board/committee approval needed? Y / N
  9. 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.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5888&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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