Master Directions on Money Market NCDs and CPs: Navigating the Key Changes

In a significant regulatory development, the RBI has recently revamped the regulatory framework for the issuance of Commercial Papers and Money Market NCDs through the issuance of updated Master Directions, superseding the erstwhile framework. This revision aligns with the RBI's Statement on Developmental and Regulatory Policies dated June 6, 2019, emphasizing the need for an efficient and well-functioning Money Market. The updated Master Directions are set to enhance market participation in money market NCDs and CPs. INDUSLAW's Pritha Chatterjee and Abhishek Jha analyze this regulatory framework.