One Rulebook for the G-Sec Market: Decoding the RBI's 2026 Draft Master Direction on Secondary Market Transactions in Government Securities
The Reserve Bank's draft Master Direction collapses 36 legacy circulars into one rulebook for secondary market trading in Government securities. T+1 settlement as default, calibrated When Issued limits, short sale codified for all eligible entities, and a defined FEMA pathway for non-residents.