Master Direction - Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025 (Updated as on April 27, 2026)
UR
- Applies toBanks, Primary Dealers, NBFCs, mutual funds, insurers, individual investors and other RBI-approved entities on the NDS-OM platform
- StatusIn force
- IssuedFeb 07, 2025
- Amendmentsnone tracked
- Length42 points in 2 sections · 4 min read
The four dates on this rule
- PublishedFeb 07, 2025The day RBI put this document out. This is the same day as the Issued date on this rule.
- Starts to applyFeb 07, 2025The day this rule starts to apply, as RBI's own text states it.
- Time to get readyNoneIt starts to apply on the day it was published.
- Last date to actNot statedNo date to act by was found in this document. Other dates may sit inside single paragraphs.
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What it says
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Stated by RBI — RBI’s own paragraph says this. We have only made it plainer.
Our reading — BankPulse read RBI’s paragraph and shortened it. The paragraph is the authority, not this line.
Needs judgement — RBI leaves this to the bank to settle, so nobody can give you a fixed number here.
Must know
1. Meaning of Direct Access
Direct access means an entity trades and settles NDS-OM deals itself.
2. Meaning of Indirect Access
Indirect access means trading through another entity that settles the deal.
3. Meaning of Stock Broker Connect
Stock Broker Connect lets a broker's own clients access NDS-OM.
4. Who may access NDS-OM
An eligible investor can access NDS-OM directly, indirectly or via a broker.
5. Who can get direct access
Banks, Primary Dealers, NBFCs and all India financial institutions can seek direct access.
6. More entities with direct access
Mutual funds, provident funds, pension funds, insurers and MIIs also qualify.
7. What direct access requires
An applicant needs an SGL account, a current account and CCIL membership.
8. Applying for direct access
Eligible entities apply through RBI's PRAVAAH portal to the FMRD chief.
9. RBI grants access if satisfied
RBI grants direct access once satisfied the applicant meets the criteria.
10. Access cannot be transferred
Direct access granted to one entity cannot be passed to another.
11. RBI adds conditions on breach
RBI may add conditions if an entity breaks these rules.
12. When RBI can suspend access
RBI can suspend or end access after giving a hearing.
13. Grounds to lose direct access
Losing eligibility or breaking any RBI rule can end access.
14. Market abuse ends access
Market abuse under RBI's own rules can also end direct access.
15. Broken access conditions
Breaking a condition set when access was granted can end it too.
16. Prejudicial conduct ends access
Conduct harming the public interest or the financial system ends access.
17. Who may use indirect access
An entity not eligible for direct access may go indirect instead.
18. Also indirect if requirements unmet
It can also go indirect if not granted or not qualified for direct access.
19. How indirect access works
The entity holding direct access settles the indirect user's trades.
20. Who is an eligible investor
Any individual with a demat account at a SEBI depository is eligible.
21. SEBI must approve the broker
The broker must be SEBI-registered, with SEBI's general or specific approval.
22. Broker needs a clearing member
The broker also needs a clearing member that will settle its clients' trades.
23. How a broker applies
An eligible broker applies through RBI's PRAVAAH portal to the FMRD chief.
24. RBI grants broker permission
RBI permits an approved broker to give its clients NDS-OM access.
25. Broker approval cannot be transferred
A broker's own approval to offer NDS-OM access cannot be passed on.
26. RBI adds conditions for brokers
RBI may add conditions if a broker breaks these rules.
27. When RBI ends broker access
RBI can suspend or end a broker's facility after a hearing.
28. Grounds to lose broker access
Losing eligibility or breaking a rule can end a broker's own facility.
29. Broker must follow CCIL rules
A broker must follow RBI's own rules and any other conditions RBI sets.
Do it
1. Alternate route via Payment Systems
They may instead apply under the Payment Systems access rules.
2. RBI can seek more information
RBI may ask the applicant for more information before deciding.
3. SGL holders can choose indirect
An entity holding both SGL and constituent accounts may still pick indirect access.
4. CCIL sets the operating rules
CCIL's own operational guidelines govern how the facility actually runs.
Background
1. Called the 2025 NDS-OM Directions
This is RBI's 2025 Direction on NDS-OM access.
2. Effective immediately
It came into force with immediate effect.
3. Meaning of these institutions
These institutions are EXIM Bank, NABARD, NHB, SIDBI and NaBFID.
4. Meaning of Bank
Bank covers banking companies, including Local Area and Small Finance Banks.
5. Meaning of DSB
A Designated Settlement Bank settles members with no current account at RBI.
6. Meaning of NDS-OM
NDS-OM is RBI's own authorised platform for trading government securities.
7. Access decision is final
RBI's decision to grant, refuse or end direct access is final.
8. RBI's discretion over broker facility
RBI decides broker access based on market stability and public interest.
9. Broker decision is final
RBI's decision to approve, reject or end a broker facility is final.