Description

BSE has introduced four new features to the RFQ platform effective March 2, 2026, including an enhanced Market Watch screen, customized market views, broad clubbed quoting facility, and display of additional security information, in line with SEBI directions.

Summary

BSE has implemented additional enhancements to its Request for Quote (RFQ) platform for the debt segment, effective March 2, 2026. These upgrades, made pursuant to SEBI directions and building on earlier notice 20251017-27 dated October 17, 2025, aim to improve user experience, transparency, and execution efficiency for fixed-income market participants.

Key Points

  • Four new features added to the RFQ platform, effective March 2, 2026
  • Enhanced Market Watch screen now displays Credit Rating, Type of Yield (YTM/YTC/YTP), and Maturity/Put/Call dates
  • Participants can create customized market views using advanced filters: Issuer, Sector, Instrument Type, Maturity Buckets, Odd Lots/Market Lots, Value, and ISIN
  • New Broad Clubbed Quoting Facility allows placing clubbed bids/offers across securities grouped by Issuer, Rating, and Maturity Buckets
  • RFQ platform will now display additional key parameters: Maturity date, Cash flow details, Credit Rating, and Sector information
  • Contact group email for queries: fixedIncome@bseindia.com

Regulatory Changes

These enhancements are implemented in accordance with SEBI directions to improve price discovery and transparency in the debt securities market. The RFQ platform improvements are part of BSE’s ongoing effort to strengthen the fixed-income trading ecosystem as mandated by the regulator.

Compliance Requirements

  • No new compliance obligations are imposed on market participants
  • All market participants are requested to take note of the new features and update their workflows accordingly
  • Participants dealing in multiple debt securities of similar profiles should familiarise themselves with the Broad Clubbed Quoting Facility to streamline execution

Important Dates

  • Notice Date: February 27, 2026
  • Effective Date: March 2, 2026 (all four enhancements go live)
  • Reference Notice: 20251017-27 dated October 17, 2025 (earlier phase of RFQ enhancements)

Impact Assessment

These enhancements primarily affect debt market participants — institutional investors, brokers, and fixed-income traders — who actively use BSE’s RFQ platform. The improvements reduce information asymmetry by surfacing credit ratings, yield types, and cash flow details directly on the trading screen. The Customized Market Watch and Clubbed Quoting Facility are particularly beneficial for participants managing large, diversified fixed-income portfolios, enabling faster comparison and more efficient execution across similar securities. Overall market impact is moderate and positive, enhancing liquidity and price transparency in the debt segment.

Impact Justification

Operational enhancement to the RFQ platform for debt market participants; improves user experience and transparency but does not impose new compliance obligations. Affects all participants trading bonds/debt securities on BSE's RFQ platform.