Core Viewpoint - The Reserve Bank of India (RBI) is implementing measures to enhance transparency in the over-the-counter (OTC) markets for foreign exchange, interest rate, and credit derivatives, particularly focusing on rupee derivative transactions [1][8]. Group 1: Transparency Measures - All transactions in OTC derivatives are required to be reported to the trade repository of the Clearing Corporation of India Limited (CCIL) by market-makers [1]. - A significant number of offshore rupee derivative transactions remain unreported, leading to non-transparency in the market [2]. - Standalone primary dealers were mandated to report all rupee derivative transactions conducted globally by their related parties starting in October 2022 [2]. Group 2: Future Reporting Requirements - Banks in India will be required to report all rupee interest rate derivative transactions undertaken globally by their related parties by December 2025 [3]. - It is proposed that all Authorised Dealer Category-I banks report foreign exchange derivative transactions involving INR conducted by their related parties globally [6]. - The reporting will include essential transaction details such as notional value, counterparty name, maturity date, and currency specifications to provide meaningful information [7]. Group 3: Stakeholder Engagement - The RBI has invited comments on the draft directions from market participants, stakeholders, and other interested parties by March 9 [8].