The Reserve Bank of India (RBI) has decided to mandate the use of a Unique Transaction Identifier (UTI) for all over-the-counter (OTC) derivative transactions in India, effective January 1, 2027.
In a draft circular placed on its website, the central bank invited comments from banks, market participants and other stakeholders by November 14, 2025. The move is aimed at strengthening the reporting framework for OTC derivatives and aligning India with evolving global standards.
UTI is a key data element identified globally for reporting OTC derivative transactions, alongside the Legal Entity Identifier (LEI). While the LEI uniquely identifies counterparties, the UTI acts as a single reference number for each transaction, enabling policymakers to aggregate and monitor market-wide exposures. LEI reporting has already been implemented in India and most major jurisdictions.
Currently, OTC trades in rupee interest rate derivatives, foreign currency derivatives and other such instruments are reported to the trade repository managed by Clearing Corporation of India Limited.
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The RBI had earlier proposed introducing the UTI requirement from April 1, but deferred it to January 1, 2027, to give market participants time to build the necessary technical systems.
