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September 2026
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FEMA & RBIRBI finalises rules on novation of OTC derivative contracts; instructions folded into four existing Directions and apply from 22 September 2026
OTC derivative novationRule changeRBI has finalised its instructions on novation of OTC derivative contracts, first released as a draft on 9 July 2025. Instead of a separate direction, the instructions are inserted in the four Directions governing OTC foreign exchange, rupee interest rate, government securities and credit derivatives. They apply to any novation undertaken on or after 22 September 2026.
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SEBIFPIs: no investor group details for those investing only in Government Securities, and a digitally signed Power of Attorney to custodians is now accepted
No investor group detailsReliefTwo SEBI circulars ease compliance for Foreign Portfolio Investors. From 7 September 2026, FPIs investing only in Government Securities — by any route — need not furnish investor group details. From 20 August 2026, a Power of Attorney given by an FPI to its custodian may be executed with a digital signature under the Information Technology Act, 2000, without notarisation, apostille or consularisation.
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