FBIL EOI For SDL ZCYC Par Yield Curve 08865f11c1

FINANCIAL BENCHMARKS INDIA PVT LTD
Invites
Expression of Interest (EOI)
For
Identification of Solution Providers for development and implementation of

SDL-ZCYC and Par Yield Curve as per FBIL SDL ZCYC Methodology
Date of Release : June 19, 2022
Financial Benchmarks India Pvt Ltd
Units 202 & 203, Peninsula Centre

Dr. S.S. Road, Off Dr. B. Ambedkar Road
Parel, Mumbai – 400 012
This document is the property of Financial Benchmarks India Pvt Ltd (FBIL). It may not be
copied, distributed or recorded on any medium, electronic or otherwise, without the FBIL’s
written permission thereof, except for the purpose of responding to FBIL for the said purpose.
The use of the contents of this document, even by the authorized personnel / agencies for any
purpose other than the purpose specified herein, is strictly prohibited and shall amount to
copyright violation and thus, shall be punishable under the Indian Law.
EOI FOR DEVELOPMENT AND IMPLEMENTATION OF SDL-ZCYC AND PAR YIELD CURVE
1
2. SCHEDULE
Issue of EOI documents June 18, 2022
Last date of submission of queries June 23, 2022
Pre-bid meeting June 25, 2022
Last date of issue of addendum/corrigendum, June 28, 2022

if any
Last date and time for submission of EOI June 30, 2022
(Hardcopy of
EOI response should reach the designated
address)
Opening of EOI July 1, 2022
1. Queries can be sent by email till the date mentioned as per above schedule.
Designated email id for submission of queries – vp@fbil.org.in
2. The physical copy of the EOI and relevant documents (along with soft copies via email)
should be submitted before the date and time of submission at the following address -
Chief Executive Officer

2
3. PURPOSE
3.1. The Financial Benchmarks India Pvt Ltd, hereinafter also referred to as ‘FBIL’ issues this
invitation for ‘Expression of Interest’ (EOI).
3.2. FBIL proposes to implement the development of the SDL-ZCYC and Par Yield Curve as per the
FBIL SDL-ZCYC Methodology for computation and publication of SDL ZCYC and SDL Par Yields. The
bootstrapping technique followed by Cubic Spline based smooth curve construction methodology
would be adopted for building SDL-ZCYC.
3.3. The calculation of the Curve construction will be an automated process with the input data
and the implementation would be an integral part of the existing Application Scrutiny Tool of FBIL
and the publication of the Curve will also be through the website of FBIL www.fbil.org.in . The
curve will also be disseminated through the API and SFTP dissemination channels.
3.4. The SDL-ZCYC and the Par Yield Curve implementation will also be under maintenance
support of the vendor by normal way of warranty and AMC as per terms and conditions given
herein.
3.5. This invitation for EOI is issued for inviting responses from prospective bidders to express
their interest in implementation of the FBIL SDL-ZCYC and the Par-Yield Curve.
3.6. This document does a fair amount of detailing of the requirements to enable quality and
detailed responses. However, the final specifications shall only be prescribed in the Request for
Proposal (RFP).
3.7. This document is neither an offer letter nor a legal contract, but an invitation for EOI.
3.8. No contractual obligation on behalf of the FBIL whatsoever shall arise from this document.
3.9. FBIL subsequently will be floating an RFP to those bidders who qualify in EOI process for
selection of bidder for development and implementation of the FBIL SDL-ZCYC and the Par-Yield
Curve.
3.10. EOI and RFP for the FBIL SDL-ZCYC and the Par-Yield Curve shall be treated under process,
unless and until a formal contract is signed and executed by duly authorized officers of the FBIL
and the bidder.
3
4. BUSINESS REQUIREMENTS OF THE PROPOSED SOLUTION
The major requirements for the FBIL SDL-ZCYC and the Par-Yield Curve are as listed below, but
not limited to, -
4.1. The development and implementation of the SDL-ZCYC and Par Yield Curve as per the FBIL
SDL-ZCYC Methodology.
4.2. The broad methodology for construction of SDL-ZCYC would be on the similar line as it is
followed for construction of G-Sec-ZCYC. Thus, the same bootstrapping technique followed by
Cubic Spline based smooth curve construction methodology would be adopted for building SDL-
ZCYC.
4.3. The calculation of the Curves construction will be an automated process with generation of
success /exception alerts.
4.4. Fetching of input data will be through an automated process with integration to the data
source(structured and unstructured) .
4.5. The final curve construction will be displayed alongwith analysis and insights.
4.6. The input data, workings of calculation, final curves for publication and the published data
will be stored in respective database with retrieval of historical data and MIS report.
4.7. The final curves will be displayed on the FBIL website under “Fixed-Income Securities” display
slot in appropriate format.
4.8. Final curves with data will be disseminated through (i) login to the website, (ii) API and (iii)
SFTP.
4.9. Presently the final curves and data will be displayed on the website live.
4.10 There will be provision to display such curves and data at a lag of 7 days for non-registered
clients of FBIL and members of public.
4.11. All input data, curves and published data will be backed up regularly.
4.12. Provision for generating audit trail reports.
4.13. Advanced data analytics/processing capabilities. Artificial intelligence (AI) and Machine
Learning (ML) capabilities are desirable.
4.14. The proposed system shall be deployed on the existing website and IT infrastructure of FBIL.
4.15. The proposed system should adhere to the cyber security and information security
standards as defined by the FBIL from time to time.
4.16. The solution should provide features/ facilities for meeting various provisions of Information
Technology Act, 2000 (along with amendments as per Information Technology (Amendment) Act,
2008), rules made there-under and be in conformity with the guidelines issued by the RBI and
other applicable laws with latest amendments at the time of delivery.
4
5. TECHNICAL REQUIREMENTS
5.1. The respondent is required to propose any technical configuration/ requirement, if any, in
the FBIL existing website hosted in the AWS Cloud.
5.2. Testing shall be done in the FBIL UAT environment.
5.3. The successful bidder will have to follow FBIL policies while deploying and maintaining the
solution.
5
6. PROCUREMENT PROCESS
The following process shall be followed to complete the procurement for this project: -
i. Issue of document inviting EOI.
ii. Receipt of EOI from eligible bidders.
iii. Evaluation of EOI.
iv. Short listing of eligible bidders.
v. Issue of RFP to short listed bidders on submission of non-disclosure agreement.
RFP will be issued only to bidders shortlisted based on their EOI,
For evaluation of RFP, the bidders selected during EOI stage may be asked to carry out Proof of
Concept (PoC) in the FBIL’s environment based on the scenarios provided to them.
6
7. ELIGIBILITY CRITERIA
Sl. No. Eligibility Criteria Documentation Required
i The prime bidder should be a Applicable tax registrations (PAN, GST
Company registered under the etc.) supported by documentary
Companies Act of India or LLP / firm evidence.
registered under the respective Acts Documents evidencing registration with
of India. the Registrar of Companies (ROC)/other
authorities, as the case may be, should
also be submitted.
ii The prime bidder should have annual Audited financial statements indicating
turnover of at least ₹ 1 Crore ## the annual turnover and the net worth for
and a positive net worth in each of the the last two FYs
Financial Years 2020-21 & 2021-22. OR
(## For Start Up with MSME tag ₹ 25 lakhs) Auditor / Chartered Accountant
Certificate in that regard.
iv The bidder should have implemented any The bidder to submit documentary
treasury related solutions to any Indian or evidence such as satisfaction/
outside entity in the last three years. credential letter from the client clearly
stating the scope of work and project
value along with relevant proofs showing
continuous support for the project.
v The bidder(s) should not A self-declaration from the bidder on the

be currently blacklisted by any bank, company letterhead as per the details
financial institution, regulator or Annexure II has to be submitted.
Government’s Bidder Black List in
India or abroad.
vi The prime bidder should be capable A self-declaration from the prime bidder
of on-premise / online deployment of the on the company letterhead stating that
solution. the solution shall be deployed on FBIL
premises / online from remote location.
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8. SUBMISSION OF EOI
8.1. Only those bidders who meet Eligibility Criteria given in the Section 7 shall submit their EOI.
8.2. Either the SI on behalf of the OEM or the OEM itself can bid, but both cannot bid
simultaneously for the same product.
8.3. One SI can bid only with a single OEM for the EOI. Bids from the same SI proposing multiple
OEMs will not be considered.
8.4. Bidders should mention all products/services that can work within the proposed solution
framework.
8.5. Bidders should clearly state the products/services they cannot support and integrate with the
proposed solution.
8.6. The following documents should be submitted as part of the EOI:
a) Letter of Application of EOI for development and implementation of SDL-ZCYC and Par
Yield Curve as per FBIL SDL ZCYC Methodology.
b) Respondent details with supporting documents
c) Letter of self-declaration by respondents
d) Approach paper
e) Minimum Eligibility Criteria
f) Declaration that company is not Blacklisted
g) Statement of functional deviation
8
9. EVALUATION OF EOI
9.1. Bidders meeting the Eligibility Criteria given in Section 7 shall be considered for
evaluation.
9.2. Bidders should comply with all the terms and conditions mentioned in this document.
9.3. Bidders should be capable of supplying, configuring, integrating and supporting the
products / services mentioned in Section 4.
9.4. Products/services proposed by the short listed bidders, as per process given in above
criteria, shall be taken up for further evaluation.
9.5. The bidders will have to arrange for a demonstration of the software proposed at FBIL
office. All the specifications given in this document for the
software/product and services will need to be demonstrated.
The travel and lodging arrangements and expenses in this regard will have to be borne
by the bidder themselves.
9.6. Bidders may also demonstrate additional features, if any, available in the products.
9.7. The Products/Services will then be short-listed for next stage based on Evaluation of
the Product/Service.
Respondents will be shortlisted based on their EOI response and demonstration of the
capabilities of the proposed solution to FBIL. The total score for evaluating the bidder
would be of 100 marks. The breakup for the 100 marks, which is allocated for the Technical
Evaluation, is given in the table below:
Evaluation Category Maximum Minimum Remarks

Score Score
Presentation and Capability 60 36 The evaluation shall be based on the
demonstration alignment of the proposed solution
with the FBIL’s Requirements.
Prior experience in 20 12 No. of Projects Marks allotted
implementing similar projects Implemented
and providing continuous 1 8
support 2 15
3 20
Understanding of Fixed income 10 6 To be assessed through discussion
and interest rate derivatives and evaluation.
products
Data Analytics 5 3 Data analytics tools, Including AI, ML,
etc. capabilities
Compliance monitoring & 5 3 • Capability to define compliance
Reporting Capabilities parameters (1)
• Capability to throw alerts or
exceptions (2)
9
• Capability of the tool to generate
customised reports (2)
Total 100 60
1. The bidder should score a minimum of 60 marks overall, and should also score
above the minimum marks in each evaluation category, to be invited for RFP.
The FBIL reserves the right to relax any of the parameter if the need arises.
2. The FBIL may disqualify any bidder who does not meet the bidding parameters.
3. However, it is the FBIL’s discretion to ask for any additional documents, inputs
or proof of concepts at later point of time for the purpose of bidder evaluation.
10
10. TERMS AND CONDITIONS
10.1. This document is neither an offer letter nor a legal contract, but an invitation for EOI.
10.2. By participating in this EOI process, the respondent agrees to be bound by each of the
terms and conditions set forth under DISCLAIMER & DISCLOSURES.
10.3. This document is a description of FBIL’s objectives and requirements articulated in a
structured manner for providing solution in the development and implementation of SDL-ZCYC
and Par yield Curve as per FBIL SDL ZCYC Methodology.
10.4. No contractual obligation, whatsoever, on behalf of FBIL shall arise from this document
unless and until a formal contract is signed and executed by duly authorised officers of FBIL and
the respondent.
10.5. FBIL may modify any / all of the terms of this document giving due notification through
FBIL’s website (https://www.fbil.org.in ) and shall be entitled, if necessary, to invite ‘Request
for Proposal’ (RFP) only from select eligible respondents based upon transparently laid out
norms set out in this document.
10.6. FBIL will not be liable for any costs incurred by the respondent in preparation of response
to this document.
10.7. The preparation of respondent’s proposal (EOI) will be made without obligation by FBIL to
acquire any of the items included in the respondent’s product, to select any respondent’s
proposal, or to discuss the reasons why the respondent’s proposal is accepted or rejected.
10.8. All information included by the respondents in their proposal (EOI) will be treated as
strictly confidential.
10.9. In case the respondent ties up with another respondent, the proposal should clearly
indicate the role of prime respondent and other respondents.
10.10. FBIL will interface / communicate only with the prime respondent for all requirements
and other project management activities.
10.11. Multiple responses / solutions from the respondent will not be considered.
10.12. FBIL makes no commitments, implied or otherwise, that the issuance of this document,
the respondent's preparation and submission of a response and subsequent evaluation of the
respondent's response can result in a business transaction with the respondent or any other
participant, even if all the requirements laid down in this document are met.
10.13. FBIL reserves the right to accept or reject any responses, completely or in part, and to
enter into discussions and/or negotiations with any one or more prospective bidders at the
same time and/or at any time, and to terminate negotiations at any time without incurring any
liability.
10.14. In no event can FBIL have any liability for any direct, indirect, special,
punitive, consequential or any other damages (including, without limitation, lost profits)
relating to the subject matter of this document or to awarding (or not awarding) any contract
to any entity.
10.15. FBIL will not be responsible for oral clarification.
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10.16. Commercials should not be quoted at any place in the EOI. Any respondent quoting
commercials in the EOI will be debarred and the proposal will be rejected.
10.17. If any information provided by the respondent is found to be inaccurate at any stage of
the selection process, FBIL may, at its discretion, disqualify and blacklist the respondent and no
correspondence will be entertained in this regard.
10.18. EOI received after the scheduled time specified in SCHEDULE will not be accepted under
any circumstance. FBIL will not be responsible for any delay due to postal service or any other
means.
10.19. EOI once submitted cannot be modified.
10.20. All pages submitted as part of the EOI response should be sequentially numbered.
10.21. EOI including all supporting documents must also be submitted via email (soft copy) along
with the hard copy.
10.22. However, it is the FBIL’s discretion to ask for any additional documents, inputs or proof
of concepts at later point of time for the purpose of bidder evaluation.
10.23. Queries should be submitted in the below mentioned MS Excel format only. Queries not
in MS Excel may not be answered.
Serial No. Page No. Point No. Description Clarification Additional

as given in sought Remarks, if
this any
document
12
ANNEXURE I - FORMAT FOR LETTER OF APPLICATION OF EOI for development and
implementation of SDL-ZCYC and Par yield Curve as per FBIL SDL ZCYC Methodology :
[On the letterhead of the respondent with approved signature and stamp]
Date:
To
Ref: EOI for development and implementation of SDL-ZCYC and Par yield Curve as per FBIL SDL
ZCYC Methodology
Sir,
Being duly authorized to represent and act on behalf of …………………………………
………………. (Hereinafter referred to as “the Respondent”) and having reviewed and fully
understood all the eligibility criteria / qualification requirements and information provided, the
undersigned hereby expresses interest for implementing the solution for development and
implementation of SDL-ZCYC and Par yield Curve as per FBIL SDL ZCYC Methodology.
The following documents as per the requirements of EOI are enclosed for your
consideration.
i) Annexure I - Letter of Application for EOI for IMSS.
ii) Annexure II - Respondent details with supporting documents.
iii) Annexure III - Letter of self-declaration
iv) Annexure IV – Approach paper
v) Annexure V – Minimum Eligibility Criteria
vi) Annexure VI – Declaration that company is not blacklisted
vii) Annexure VII – Statement of functional deviation
Submitted for your consideration.
Yours faithfully,
(Signature of Authorized Signatory)

<NAME, TITLE AND ADDRESS>
13
FOR AND ON BEHALF OF
<NAME OF THE RESPONDENT ORGANISATION>
ANNEXURE II – FORMAT FOR FURNISHING RESPONDENT INFORMATION
BIDDER DETAILS:
1 The registered name of the bidding company
2 Business address for correspondence
3 Name of the Bidder’s Contact Person
4 Contact person’s position with Bidder
5 Contact person’s address if different from above
6 Business structure
7 Bid Company’s registered address
8 Details of company registration
9 Names of Directors
10 Include a structure chart reflecting the organization
Experience in similar Projects: Give details about the following with respect to the
methodology followed by you in projects of similar nature and complexity. All the relevant
project details to be shared for technical evaluation.
11 Project Name:
12 Project Location:
13 Project Duration:
14 Product Version:
15 Product features:
16 Client Name:
17 Client address:
14
18 Client contact/reference person(s):
19 Project started (month/year):
20 Project elapsed time – months- vis-à-vis

Project schedule:
21 Man-months effort:
22 Name of senior project staff:
23 Nature of the Project:
24 Role of the company, whether complete end-to-

end involvement or for a particular module
25 Project Detail (Broad details)
Profit and Loss (in lakhs of ₹)

FY 2020-21 FY 2021-22
Profit Before Tax
Profit After Tax
Annual Turnover (in lakhs of ₹)

FY 2020-21 FY 2021-22
Income From Operations
Other Income
Net worth at the end of FY (in lakhs of ₹)

FY 2020-21 FY 2021-22
(a) Share capital
(b) Reserves and Surplus
(c) Accumulated losses, if

any
*All relevant proofs should be submitted by the bidder
15
ANNEXURE III – FORMAT FOR LETTER OF SELF DECLARATION
Date:
To
Ref: EOI for development and implementation of SDL-ZCYC and Par yield Curve as per FBIL SDL
ZCYC Methodology
Sir,
Being duly authorized to represent and act on behalf of …………………………………
…………………………………. (Hereinafter referred to as “the respondent”), and having reviewed and
fully understood all the eligibility criteria / qualification requirements and information provided,
I hereby declare the following statements:
1. I hereby declare that my organisation has not been debarred / black listed by any Government
/ Semi-Government organizations in India. I further certify that I am competent officer in my
organization to make this declaration.
2. The respondent does not rely only on the information provided in the invitation of EOI for
submitting the EOI document. Further, the respondent has approached authenticated sources in
FBIL regarding all its queries and has received desired information.
3. Commercials have not been quoted by the respondent at any place in the response of EOI
document.
4. The respondent has submitted the EOI as per the desired format of FBIL with all supporting
documents, which are true and accurate. Authorised representative of the respondent signs each
page of the EOI document.
5. The respondent will provide demonstration of products; arrange site visit or POC if required by
FBIL during technical evaluation of the product to cross check functionalities. The respondent will
ensure the availability of necessary environment in all aspects for FBIL’s verification process.
6. The respondent understands that FBIL retains the right to ask to demonstrate certain scenarios,
details of which will not be provided in advance, the right to reject the offer at EOI – Identification
of solution providers for SDL-ZCYC and Par yield Curve as per FBIL SDL ZCYC Methodology at FBIL
any stage of the process without assigning any reasons and FBIL will not be liable to pay any costs
incurred by the respondent during technical verification process.
16
7. The respondent understands that the Intellectual Property Rights for all modules/products
developed specifically for FBIL and integrated with the FBIL’s proposed SDL-ZCYC and Par yield
Curve as per FBIL SDL ZCYC Methodology project will rest solely with FBIL and no claims will be
made in this regard by the respondent.
8. The respondent has not been involved in any legal case that may affect the solvency/existence
of the applicant or in any other way affect the respondent’s capability to provide/continue
services to FBIL, if FBIL selects the respondent for the project on providing solution for
implementation of SDL-ZCYC and Par yield Curve as per FBIL SDL ZCYC Methodology.
9. The respondent accepts to follow all the clauses, terms and conditions as set in the invitation
for EOI document.
Yours faithfully,
(Signature of Authorized Signatory)
<NAME, TITLE AND ADDRESS>
17
ANNEXURE IV - APPROACH PAPER FOR PROVIDING SOLUTION FOR IMPLEMENTATION OF SDL-
ZCYC AND PAR YIELD CURVE AS PER FBIL SDL ZCYC METHODOLOGY.
[On the Letter head of the Applicant]
The approach paper as proposed by our organization <NAME OF THE APPLICANT

ORGANISATION> is attached herewith containing details of following:
Approach Paper - The bidder shall submit an approach paper for providing solution for
implementation of SDL-ZCYC and Par yield Curve as per FBIL SDL ZCYC Methodology to FBIL and
share their vision consisting:
i. Functionalities to proposed solution for implementation of SDL-ZCYC and Par yield Curve as
per FBIL SDL ZCYC Methodology in alignment with Section 4 of EOI.
ii. Value addition to proposed solution for implementation of SDL-ZCYC and Par yield Curve as
per FBIL SDL ZCYC Methodology.
iii. Comprehensive system software, databases, etc. requirements including software,
databases, licenses, etc. required, if any (for scalability to be listed separately).
iv. Proposed architecture of the complete solution showing all the components of deployment.
v. Bidders shall explain adherence to IT Act, ISO 27001, COBIT, ITIL standards and other
Information Security guidelines/standards.
vi. Other details, if any.
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ANNEXURE VII – STATEMENT OF FUNCTIONAL DEVIATION
(On the letterhead of Bidder)
We certify that except for the following deviations, we agree to abide by all other clauses,
terms, conditions and specifications mentioned in the EOI.
Main EOI Clause / Deviation Specific Page no. of

/ Sub Clause the Response
Annexure No.
No.
Place:
Date:
Signature of Authorised signatory with seal to sign the Bid for and on behalf of
_________________
19

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FINANCIAL BENCHMARKS INDIA PVT LTD

Expression of Interest (EOI)

Identification of Solution Providers for development and implementation of

Date of Release : June 19, 2022

Financial Benchmarks India Pvt Ltd

Units 202 & 203, Peninsula Centre

Issue of EOI documents June 18, 2022

Last date of submission of queries June 23, 2022

Pre-bid meeting June 25, 2022

Last date of issue of addendum/corrigendum, June 28, 2022

Chief Executive Officer

v The bidder(s) should not A self-declaration from the bidder on the

Evaluation Category Maximum Minimum Remarks

Serial No. Page No. Point No. Description Clarification Additional

(Signature of Authorized Signatory)

ANNEXURE II – FORMAT FOR FURNISHING RESPONDENT INFORMATION

2 Business address for correspondence

3 Name of the Bidder’s Contact Person

4 Contact person’s position with Bidder

5 Contact person’s address if different from above

7 Bid Company’s registered address

8 Details of company registration

10 Include a structure chart reflecting the organization

19 Project started (month/year):

20 Project elapsed time – months- vis-à-vis

22 Name of senior project staff:

23 Nature of the Project:

24 Role of the company, whether complete end-to-

Profit and Loss (in lakhs of ₹)

Profit After Tax

Annual Turnover (in lakhs of ₹)

Net worth at the end of FY (in lakhs of ₹)

(b) Reserves and Surplus

(c) Accumulated losses, if

*All relevant proofs should be submitted by the bidder

(Signature of Authorized Signatory)

<NAME, TITLE AND ADDRESS>

The approach paper as proposed by our organization <NAME OF THE APPLICANT

Main EOI Clause / Deviation Specific Page no. of

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