The Reserve Bank of India (RBI) has shared a draft circular dated October 23, 2025 about a Unique Transaction Identifier (UTI) for OTC Derivative Transactions in India.
Key Points:
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RBI published a draft circular about this on its website.
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They want feedback from banks, financial institutions, and other interested parties by November 14, 2025.
- Feedback can be sent in this address:
The Chief General Manager
Reserve Bank of India
Financial Markets Regulation Department
9th Floor, Central Office Building
Shahid Bhagat Singh Marg, Fort
Mumbai – 400 001
Or by email with subject line “Feedback on Draft Circular on Unique Transaction Identifier for OTC Derivative Transactions in India”.
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The Legal Entity Identifier (LEI) has already been implemented and it identifies who is involved in a transaction. The new UTI will identify which transaction it is, each trade will gets its own unique code.
What It Means:
OTC Derivatives are financial contracts (like swaps or options) that are traded directly between two parties, not on an exchange. To make these transactions easier to track and report, each transaction will get a Unique Transaction Identifier (UTI) — like a unique ID number for every deal. This helps regulators and policymakers:
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Track transactions more accurately.
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Combine data from different markets globally.
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Improve transparency and reduce risk.
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RBI is planning to make a new rule requiring every OTC derivative transaction in India to have a unique ID number (UTI) so that these trades can be tracked better, similar to global standards. They are asking for public feedback on this draft rule.