What FIMMDA actually does
Fixed Income Money Market and Derivatives Association of India FIMMDA
The bond market's own rulebook: valuations, market practices and standard agreements
FIMMDA (incorporated 4 May 1998) is the oldest market body in the register and the first SRO recognised in the financial markets (7 May 2025, RBI PR 2025-2026/274) under RBI's August 2024 financial-markets SRO framework. Its 116 listed members span public, private, foreign, small-finance and payments banks, primary dealers, insurers, development institutions and CCIL.
What FIMMDA does
- Principal interface with RBI, SEBI and the Ministry of Finance for the fixed income, money and derivatives markets
- RBI-mandated valuation of government bonds, corporate bonds and securitised papers — the daily prices that bank and primary-dealer portfolios are marked at
- Standardisation of market practices: FIMMDA Operational Circulars, the Handbook of Market Practices, standard legal agreements (MRA, GMRA, CDS) and the Code of Fair Practices
- Developmental role: introduced benchmarks (MIBOR history), new products (CPs, securitised papers, OIS) and runs an extensive training programme
Membership
- 116 members in its published list (PDF dated 8 May 2025): 12 public-sector banks, 21 private banks, 34 foreign banks, 7 primary dealers, 5 financial institutions (Exim, NABARD, NHB, SIDBI, NaBFID), 20 insurers, 11 SFBs, 3 payments banks, CCIL, IFCI and IIFCL
- Fee model: Rs 2.5 lakh one-time registration + Rs 2.5 lakh annual membership (+GST) — an institution-funded body
- Accredited brokers in the interest-rate-derivatives voice market are governed by a separate accreditation framework and code of conduct
SRO transition since recognition
- Site header now brands FIMMDA a 'Self-Regulatory Organisation in the Financial Markets Regulated by RBI'
- Disciplinary Committee of the Board constituted 1 Sep 2026 (Art. 34 AoA): chaired by independent director Manoj Rane, with nominee directors from Union Bank and ICICI Bank
- Nine-member Board (Sep 2026) led by Shamsher Singh (SBI DMD, Global Markets) as Chairman and Neeraj Gambhir (Axis) as Vice Chairman, with three independent directors
- Standing committees cover new products, technical market practices, membership, valuation, accreditation of brokers, CDS and skill development
Gaps & open questions
- Overview page still claims a '115 member strong' body with category counts that do not match its own 116-row PDF — and the list has not been refreshed since 8 May 2025
- No public disciplinary actions, consultation responses or member circular archive without login; circulars are one-page PDFs
- Legacy frameset website: rosters and disclosures ship as PDFs, not structured pages