"The Reserve Bank of India's latest regulatory recalibration signals a fundamental shift in India's electronic trading landscape—but does it deliver meaningful reform or merely administrative refinement? Our analysis of the 2025 Master Directions reveals a strategic pivot toward domestic market consolidation, with the removal of offshore ETP provisions marking the most significant policy departure. While the RBI has streamlined processes—eliminating in-principle approvals and digitizing applications—the underlying regulatory architecture remains largely unchanged. Additionally, critical ambiguities persist, particularly regarding the Alert List mechanism and its expanded scope. In this article, CMSINDUSLAW's Namita Viswanath, Garima Kedia, and Abhijit Chakrabarti examine whether the 2025 Master Directions represent genuine regulatory evolution or simply procedural repackaging of existing market barriers.
To view the full article please click https://induslaw.com/publications/pdf/alerts-2025/out-with-the-offshore-in-with-the-onshore-rbis-new-etp-playbook.pdf here.
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