The Reserve Bank of India ("RBI")
issued the Electronic Trading Platforms (Reserve Bank) Directions,
2018 ("ETP Directions") on October 5,
2018 with a view to regulate the financial system of the country
and in exercise of the powers conferred on the RBI under the
Reserve Bank of India Act, 1934 ("RBI Act").
In terms of the ETP Directions, an
"electronic trading platform"
("ETP") means any electronic
system, other than a recognised stock exchange, on which
transactions in eligible instruments are contracted. The
term "eligible instruments" has in turn been
defined under the ETP Directions to include securities (of central
government, a state government or such local authority as may be
specified in this behalf by the central government), money market
instruments (including repo, reverse repo, certificate of deposit,
commercial usance bill, commercial paper and other debt instruments
of original or initial maturity up to one year that the RBI may
specify), foreign
