Taking over of valuation of
Government Securities (G-Sec) by Financial Benchmark India Pvt. Ltd. (FBIL) -
valuation of portfolios
RBI/2017-18/146 March
31, 2018 All participants in the Government
Securities market Madam/Sir, Taking over of valuation of
Government Securities (G-Sec) by Financial Benchmark India Pvt. Ltd. (FBIL) -
valuation of portfolios Please refer to Paragraph 8 of
the Statement on Developmental and Regulatory
Policies, issued as part of the sixth
Bi-monthly Monetary Policy Statement for 2017- 18 dated February 07, 2018,
wherein it was proposed that FBIL would assume the responsibility for
administering the valuation of Government securities (issued by both the
Centre and States) currently being done by FIMMDA. 2. Accordingly, FBIL has been
advised to assume the responsibility for administering valuation of
Government securities with effect from March 31, 2018. From that date, FIMMDA
shall cease to publish prices/yield of Government securities and this role
shall be taken over by FBIL. FBIL will commence publication of the G-Sec and
SDL valuation benchmarks based on the extant methodology. Going forward, FBIL
will undertake a comprehensive review of the valuation methodology. 3. RBI regulated entities,
including banks, non-bank financial companies, Primary Dealers, Co-Operative
banks and All India Financial Institutions who are required to value
Government securities using prices published by FIMMDA as per current
directions may use FBIL prices with effect from March 31, 2018. Other market
participants who have been using Govt. securities prices/yields published by
FIMMDA may use the prices/yields published by FBIL for valuation of their
investment portfolio. 4. The above directions are issued
under section 45W of the RBI Act, 1934. Yours
faithfully (Manoj
Kumar) |
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