The Reserve Bank of India issued the “Master Direction – Access Criteria for NDS-OM Directions, 2025” to regulate participation in the Government Securities market through the Negotiated Dealing System–Order Matching (NDS-OM) platform. The Directions prescribe eligibility and procedural requirements for direct, indirect, and stock broker–based access to the platform. With the introduction of the PRAVAAH portal, designed to streamline regulatory applications through digital submission, validation, and authorization, the RBI has rationalized and shifted application forms to this portal. Consequently, the updated Directions remove physical or embedded application forms to enhance transparency, efficiency, and ease of doing business. Issued under Sections 45W and 45U of the RBI Act, 1934, the Directions come into immediate effect and aim to modernize regulatory processes while ensuring controlled and standardized access to the government securities trading infrastructure.
Reserve Bank of India
Master Direction – Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025
RBI/2026-27/37
FMRD.MIOD.No.1/11.01.051/2026-27 | Dated: April 27, 2026
To
All participants in Government Securities market
Madam/Sir,
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
