What changed
The RBI has updated the Master Direction on NDS-OM access criteria to remove the application forms that were previously part of the document. These forms are now hosted exclusively on the PRAVAAH portal, which was introduced to streamline regulatory submissions. The revised format on PRAVAAH has been rationalised to enhance ease of doing business.
What it means for you
Banks and other G-Sec market participants will now submit NDS-OM access applications entirely through the PRAVAAH portal, eliminating the need to handle physical or separate form downloads. This centralisation reduces compliance burden and processing delays, as PRAVAAH handles validation and authorisation digitally. The change is effective immediately, so institutions must adapt their internal workflows to use the portal for all new access requests.
What you must do
- Update your internal procedures to route all NDS-OM access applications through the PRAVAAH portal.
- Train your treasury and compliance teams on the revised application format available on PRAVAAH.
- Ensure existing access arrangements are unaffected; only new applications or modifications require the new process.
- Review the updated Master Direction to confirm no other access criteria have changed.
Who it affects
All participants in the Government Securities market, Banks and primary dealers using NDS-OM, Compliance and treasury operations teams, Stock brokers using the Stock Broker Connect facility
Do I need to resubmit existing NDS-OM access applications?
No, the change applies only to new applications or modifications. Existing access arrangements remain valid.
Where can I find the new application forms?
The revised forms are available on the PRAVAAH portal. They have been removed from the Master Direction document itself.
Is the PRAVAAH portal mandatory for all NDS-OM access requests?
Yes, the RBI has made PRAVAAH the sole channel for submitting, validating, and authorising NDS-OM access applications with immediate effect.