Current · Source: Reserve Bank of India · RBI/2026-27/37 · issued 27 Apr 2026 · ~2 min read
Quick answerRBI has removed application forms from the NDS-OM Master Direction and made them available only on the PRAVAAH portal. This move simplifies access to the government securities trading platform, reducing paperwork and improving efficiency for all market participants.
The rule, in the simplest words
The old paper application forms for NDS-OM (the electronic system for trading government securities) have been taken out of the RBI rule and are now only found on the PRAVAAH portal (the online site for submitting regulatory applications).
From now on, any new request to get access to NDS-OM or to change existing access must be done completely through the PRAVAAH portal – no more downloading or sending separate forms.
Current access that banks already have will keep working; the new portal process is only for fresh applications or modifications.
Banks should change their internal steps, teach their treasury and compliance staff how the new PRAVAAH form looks, and check the updated RBI direction to be sure nothing else changed.
How it plays out — a real example
Ramesh Patel, a treasury officer at a Mumbai bank, needs to give his trading desk permission to use NDS-OM for a new government‑bond product. He logs into the PRAVAAH portal, fills out the revised online form, uploads the required documents, and clicks submit. Within a day, the system validates the details and the RBI authorises the access, letting Ramesh’s team start trading without any paper forms.
What changed
The RBI has updated the Master Direction on NDS-OM access criteria to remove the application forms that were previously part of the document. These forms are now hosted exclusively on the PRAVAAH portal, which was introduced to streamline regulatory submissions. The revised format on PRAVAAH has been rationalised to enhance ease of doing business.
What it means for you
Banks and other G-Sec market participants will now submit NDS-OM access applications entirely through the PRAVAAH portal, eliminating the need to handle physical or separate form downloads. This centralisation reduces compliance burden and processing delays, as PRAVAAH handles validation and authorisation digitally. The change is effective immediately, so institutions must adapt their internal workflows to use the portal for all new access requests.
What you must do
Update your internal procedures to route all NDS-OM access applications through the PRAVAAH portal.
Train your treasury and compliance teams on the revised application format available on PRAVAAH.
Ensure existing access arrangements are unaffected; only new applications or modifications require the new process.
Review the updated Master Direction to confirm no other access criteria have changed.
Who it affects
All participants in the Government Securities market, Banks and primary dealers using NDS-OM, Compliance and treasury operations teams, Stock brokers using the Stock Broker Connect facility
❓ Common questions
Do I need to resubmit existing NDS-OM access applications?
No, the change applies only to new applications or modifications. Existing access arrangements remain valid.
Where can I find the new application forms?
The revised forms are available on the PRAVAAH portal. They have been removed from the Master Direction document itself.
Is the PRAVAAH portal mandatory for all NDS-OM access requests?
Yes, the RBI has made PRAVAAH the sole channel for submitting, validating, and authorising NDS-OM access applications with immediate effect.
📜 Read the original circular — full text as issued by RBI
RBI/2026-27/37
FMRD.MIOD.No.1/11.01.051/2026-27
April 27, 2026
To
All participants in Government Securities market
Madam/Sir,
Master Direction - Reserve Bank of India (Access Criteria for NDS-OM)
Directions, 2025
The Reserve Bank has prescribed criteria for access to the Negotiated Dealing System – Order Matching (NDS-OM) platform covering requirements for direct access, indirect access and access through the Stock Broker Connect facility. The application forms for seeking access to NDS-OM platform are prescribed as part of the Directions.
2. With the implementation of the Platform for Regulatory Application, VAlidation and AutHorisation (PRAVAAH) portal aimed at facilitating submission, validation and authorisation of regulatory applications and enhancing transparency and efficiency in regulatory compliance, the application forms for seeking access to NDS-OM platform were made available on PRAVAAH portal. In order to improve ease of doing business, the application forms have been rationalised and the revised format has been made available in the PRAVAAH portal. The Directions have, accordingly, been updated to remove the application form.
3. These Directions have been issued by the Reserve Bank in exercise of the powers conferred under section 45W of the Reserve Bank of India Act, 1934, read with section 45U of the Act and of all the powers enabling it in this behalf.
4. The Directions shall be applicable with immediate effect.
Yours faithfully,
(Dimple Bhandia)
Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2026-27/37 · issued 27 Apr 2026. The plain-English explanation above is BankPulse’s own independent summary.
Update your internal procedures to route all NDS-OM access applications through the PRAVAAH portal.
Train your treasury and compliance teams on the revised application format available on PRAVAAH.
Ensure existing access arrangements are unaffected; only new applications or modifications require the new process.
📜 Compliance
Review the updated Master Direction to confirm no other access criteria have changed.
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 participants in the Government Securities market, Banks and primary dealers using NDS-OM, Compliance and treasury operations teams, Stock brokers using the Stock Broker Connect facility), your first concrete step on “NDS-OM Access Forms Moved to PRAVAAH Portal” is: “Update your internal procedures to route all NDS-OM access applications through the PRAVAAH portal.” (RBI issued this 27 Apr 2026).
Circular: RBI/2026-27/37 -- NDS-OM Access Forms Moved to PRAVAAH Portal
Issued: 27 Apr 2026
Action required: Update your internal procedures to route all NDS-OM access applications through the PRAVAAH portal.
Action required: Train your treasury and compliance teams on the revised application format available on PRAVAAH.
Action required: Ensure existing access arrangements are unaffected; only new applications or modifications require the new process.
Action required: Review the updated Master Direction to confirm no other access criteria have changed.
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 03 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=13401&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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