About Request for Quote

Brief Description

‘Request for Quote’ (RFQ) is a trade execution platform, launched in 2020 as per the guidance from regulator. This platform is a direct participation model where all participants trade in their own account. With recent SEBI’s circular to permit participation through brokers from 01 Jan 2023, participants are now allowed to use the services of SEBI registered brokers of the NSE’s debt segment for executing deals on their behalf on RFQ Platform. The Platform uses RFQ protocol where an initiator may request other participants for a quote in corporate bonds, securitized debt instruments, municipal debt securities, Government securities, State development loans, Treasury bills, Commercial papers and Certificates of deposit or any other security as specified by Exchange from time to time. The RFQ platform shall provide users a range of options to seek a quote and to respond to a quote, while keeping an audit trail of all the interactions i.e. quoted yield, mutually agreed price, deal terms etc.

NSE would manage the RFQ platform, setting terms & conditions to operate on the RFQ platform and specifying various parameters for dealing with related interactions amongst the participants. The RFQ platform would be hosted in the existing NSE Corporate Bond Reporting and Integrated Clearing & Settlement (CBRICS) environment.

Eligible Participants

All regulated entities, listed corporates, Institutional Investors as defined under SEBI ICDR Regulations, 2018, All India Financial Institutions and any other entity as allowedby Exchange from time to time will be eligible to participate on the RFQ platform. These participants shall have RFQ Platform access directly and/or through Eligible Trading Members. Existing participants using CBRICS log-in credentials from Admin user, shall need to accept the ‘Terms and Conditions’ of the platform through click wrap undertaking. New participants shall need to complete the registration procedure of CBRICS and thereafter using CBRICS log-in credentials from Admin user, shall need to accept the ‘Terms and Conditions’ of the platform through click wrap undertaking.

Other Participants include the ones who are not covered above, including retail investors. These participants shall have RFQ Platform access only through Eligible Trading Members. These participants shall have to contact Eligible Trading Members for registration and further execution of transaction on RFQ Platform.

Eligible Trading Members

• SEBI stockbrokers registered under Debt Segment of NSE and registered as Online Bond Platform Providers
• Other SEBI stockbrokers registered under Debt Segment of NSE

Working Hours

The deals may take place on all days in line with the CBRICS holiday calendar. The G-sec, T-bills and SDLs will be available only with settlement mode of T+1. The typical working hours are as under:

*Bonds (Corporate Bonds, Securitized debt instruments, Municipal Debt securities)
Exchange may revise the market timings after providing prior notification to the market Participants.

RFQ Platform Specifications

Download RFQ Brochure (.pdf)

Operating guidelines for Request for Quote (RFQ) platform (.pdf)

Download NSE circular for RFQ (.pdf)

Download circular for Settlement of RFQ deals on CBRICS platform (.pdf)

Download Process flow for Request for Quote Platform (.pdf)

Download FAQs on Request for Quote Platform (.pdf)