Financial Benchmarks India Private Ltd.

Notification No. 10
December 28, 2021
Pricing of FBIL G-Sec Valuation and SDL Valuation benchmarks

(This Notification is being issued in continuation of the earlier Notification No. 6/2020 dated
January 01, 2020, Notification No. 7/2020 dated May 08, 2020, and Notification No. 08 dated
May 12, 2021, on the pricing structures of FBIL Benchmarks)

With effect from March 31, 2018, FBIL is publishing on all Mumbai business days, valuation
prices/YTMs of the Government of India Securities (G-sec) and various State Development Loans
(SDL).

Under G-Sec and SDL Valuation benchmarks the following valuation curves are published:

• FBIL Prices/ YTM for G-Sec, including FRBs and IIBs

• FBIL Par Yield Curve
• FBIL Prices/ YTM for Special Securities/ UDAY /DISCOM bonds
• FBIL Prices/ YTM for STRIPS and ZCYC
• FBIL Prices/ YTM for SDL.

2. It has been decided to make the G-sec and SDL valuation benchmarks live data fee- liable
with effect from April 1, 2022.

The fee structure of the G-Sec and the SDL Valuation benchmarks data is as under:

Sl. Category of Users and Usage Fee (in ₹) Per annum Fee (in ₹) Per mensem
a End Users
i For Valuation 50,000 -----
ii For other purposes** 2,50,000 -----
iii Co-operative banks including urban Co- 25,000 -----
operative banks, Small Finance Banks,
Payment Banks & Regional Rural Banks
b Domestic Exchanges/Clearing Houses, etc. 5,00,000 -----
c International Users 10,00,000 -----
d Market Data vendors ---- 1,50,000
e Data Vendors with less than 1000 terminals 7,50,000

** Other purposes include:

(a) Valuation of portfolio and assets.

(b) Pricing of products or contracts.

(c) Interest Rate fixing.

(d) Loan servicing.

(e) Pricing Curves,

(f) Use FBIL rates as a reference rate in financial transactions and products like swaps,

FRAs and any other derivatives.

g) Use of FBIL benchmarks data for similar purposes.

Further, both G sec and SDL valuation benchmarks shall be considered as a single benchmark for
pricing purposes and there are no changes to FBIL notification no 09 dated August 17, 2021,
governing benchmark subscription fees for recognised educational institutions.

3. While the Registered Users of FBIL can access/ receive the FBIL G-sec and SDL benchmarks
live rates on subscription basis, the 7 day (168 hours) lag data will be available free of cost to
the members of the public only for viewing on the FBIL website www.fbil.org.in.

4. Fees and Taxes:

i.) All fees are payable along with the applicable taxes and duties.
ii.) All payments of fees and applicable taxes/duties and other charges, if any, shall be made
in Indian rupee.
iii) Other users of Benchmarks not covered in this Notification may get in touch with FBIL
over e-mail fbil@fbil.org.in or operations@fbil.org.in or mibor@fbil.org.in for determination
of user fees payable by them.

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