RBI Update – Access of SEBI-registered non-bank brokers to NDS-OM

Master Direction – Reserve Bank of India (Access Criteria for NDS-OM) Directions, 2025.Any person/entity eligible to invest in Government securities in terms of the applicable rules/ guidelines issued by the Government of India / State Governments / the Reserve Bank, as amended from time to time shall be eligible to access NDS-OM either through direct access or through indirect access or through Stock Broker Connect, in terms of these Directions.

Eligible Entities

The following entities shall be eligible for direct access to NDS-OM subject to fulfilment of all requirements and conditions stipulated in these Directions:

1. Banks;
2. Standalone Primary Dealers;
3. Non-Banking Financial Companies including Housing Finance Companies;
4. All India Financial Institutions;
5. Mutual Funds;
6. Provident Funds;
7. Pension Funds;
8. Insurance Companies;
9. Regulated Market Infrastructure Institutions (MIIs) for investing their settlement guarantee fund in Government securities, as the Reserve Bank may specifically permit subject to such terms and conditions that it may prescribe; and
10. Any other entity that the Reserve Bank may specifically perm

Requirements for seeking direct access to NDS-OM

Entities that are eligible to seek direct access to NDS-OM shall fulfil the following requirements:

1. SGL account with the Reserve Bank;
2. Current account with the Reserve Bank or a Designated Settlement Bank; and
3. Membership of securities settlement segment of Clearing Corporation of India Limited (CCIL).

Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12777&Mode=0